Zetta Jet, which had become one of the fastest-growing charter operators in the Asia-Pacific region with a fleet of Globals and Challengers, has filed for bankruptcy protection.
In court documents filed on September 15, both Zetta Jet Pte and its Zetta Jet USA filed for Chapter 11 protection with the Central District of California–Los Angeles Division.
In its filing, the company had estimated liabilities in the $50 million to $100 million range, the same as the value of its assets. It also listed the number of creditors between 200-999 (a categorical range that is part of the bankruptcy form).
Bombardier is its largest creditor, which, according to Zetta Jet, has an unsecured claim of $15 million.
The filing comes two years after the company launched the Zetta Jet brand and a nearly a year since the announcement that it had agreed to merge with fellow Singapore private aviation company Asia Aviation, along with U.S. aircraft management specialist Advanced Air Management.
Zetta Jet remained headquartered in Singapore with Asia Aviation under the core Zetta Jet Pte. brand, while Advanced Air Management, which is based at Los Angeles-area Van Nuys Airport, was renamed Zetta Jet USA.
By last spring, Zetta Jet had counted among its fleet a dozen Global 5000s and 6000s and four Challenger 650s.
In recent months, Zetta Jet had faced lawsuits over alleged breach of contracts, and just this month, management of Zetta Jet had filed a lawsuit against Geoffery Cassidy, the managing director who is believed to have left the company recently, alleging fraud and racketeering.
In a statement to Private Jet Card Comparisons, Zetta Jet said it would “continue to run our business just as we always have” during the Chapter 11 restructuring process. “Our customers should expect to receive the same high levels of service, meticulous attention to safety and access to the same luxurious aircraft that have made Zetta Jet their air travel partner of choice,” the company said in the statement to Private Jet Card Comparisons. “The steps we took on September 15th are designed to ensure the long-term viability of our company and we look forward to being a good business partner to our suppliers and brokers for many years to come.”