Zetta Jet Closed, Assets To Be Liquidated | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

Airborne Unlimited-
Monday

Airborne-Unmanned w/AUVSI-
Tuesday

Airborne Unlimited-
Wednesday

AMA Drone Report-
Thursday

Airborne Unlimited-
Friday

Airborne On ANN

Airborne Unlimited-11-12-18

Airborne Unmanned-11-13-18

Airborne Unlimited-11.14.18

AMA Drone Report-11.08.18

Airborne Unlimited-11.09.18

Airborne-YouTube

Airborne Unlimited-11-12-18

Airborne Unmanned-11-13-18

Airborne Unlimited-11.14.18

AMA Drone Report-11.08.18

Airborne Unlimited-11.09.18

Thu, Dec 07, 2017

Zetta Jet Closed, Assets To Be Liquidated

Judge Would Not Clear New Financing To Keep The Charter Company Open

Zetta Jet has been shut down and its assets are to be liquidated to satisfy debt, according to court documents filed in California.

CH-Aviation reports that a Central District of California Bankruptcy judge would not approve an attempt by Zetta Jet to secure $8.5 million in post-petition financing from Scout Aviation II LLC, which was attempting to bail out the ailing charter company.

Scout was an existing lessor to the company, according to a November news release announcing the offer of assistance. Scout Aviation was to have  sponsored the Company's restructuring plan, acting as a "stalking horse" bidder.

But before that could happen, creditors took possession of six of Zetta Jet's airplanes. In light of those developments, Jonathan King, the bankruptcy trustee for Zetta Jet, changed the filing from Chapter 11 to Chapter 7 on December 1.

The company and its parent, Zetta Jet Pte based in Singapore, filed for Chapter 11 bankruptcy protection with a plan to reorganize the company by February of next year. In the filing, they cited allegedly fraudulent acts by managing director Director Geoffrey Cassidy, who is suspected of misappropriating between $20 and $90 million in company funds. Both Zetta Jet USA and Zetta Jet Pte have sued Cassidy.

(Image from Facebook)

FMI: Original Report

Advertisement

More News

Aero-Help Wanted: ANN REALLY Needs A Sales Pro

ANN/Airborne/Aero-TV Marketing Department Needs Part or Full Time Personnel E-I-C Note: For some reason, finding really motivated/honest/professional sales help has been a tough gi>[...]

Airborne-Unmanned 11.06.18: Autonomous Sikorsky, Trusted Operator, Northwest UAV

Also: Drones Deliver Vaccines, High-Resolution Forecasts, Microsoft Azure, Propeller Aero And DJI U.S. Army pilots exercised supervised autonomy to direct an optionally-piloted hel>[...]

AMA Drone Report 11.08.18: FAI Championships, Drone Controller, Vaccines By Air

Also: Mavic 2 Pro Eval Starts, DJI Expands, FlightSafety Test Prep, What’s A ‘Hover 2?’ Imagine being a 15-year-old drone racer from Australia... and now imagine >[...]

Airborne 11.12.18: Hawkins OUT of Icon, Hoversurf = Ultralight, $$$ USAF Mugs

Also: SimCom TBM910 FTD, JAL Pilot Arrested, New Contract For 15 E175s, Aero-TV: DeltaHawk Diesel The other shoe has dropped... Kirk Hawkins, the driving force behind the Icon Airc>[...]

Airborne-Unmanned 11.13.18: Parrot AG Solution, Kratos Expands, Precisionhawk

Also: ERAU Certified, AeroVironment Award, International Brain-Drone Race, Relmatech's Direct Broadcast Platform European drone group Parrot has introduced Bluegrass Fields, an end>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2018 Web Development & Design by Pauli Systems, LC