Wayfarer Aviation is closing tomorrow, after having let go most of its employees earlier this week. The company was formed last year from the assets of bankrupt JetDirect Aviation, which attempted to build a nationwide charter/management company by buying nearly a dozen charter firms. However, the timing was disastrous because the complex consolidation was still under way as the economy faltered in 2008. JetDirect backer Brantley Partners had resurrected the old Wayfarer name; it also promised to repay management clients signing up with the new Wayfarer money that Jet Direct owed them. At the same time, many former JetDirect employees and vendors were never paid money they were owed for salaries, unreimbursed expenses, unpaid benefits and services provided. The end of the current Wayfarer Aviation came last week, according to Brantley founding partner Robert Pinkas. “The company had been making great progress,” he told AIN, “but we got into a position where our ability to fund the business was taken away from us.” Pinkas would not reveal how this occurred, but added, “We’re no longer on the board and no longer involved on a day-to-day basis. It’s confidential, and I can’t go into details.” He said the shutdown of Wayfarer will not leave any vendors unpaid and that Wayfarer had “made great progress” in paying off the former JetDirect management clients who stuck with Wayfarer.
End of an Era as Wayfarer Aviation Closes Doors
- June 10, 2010, 12:15 PM