Set Jet Quietly Shutters Operations | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Most Recent Daily Episodes

Episode Date

Airborne-Monday

Airborne-Tuesday

Airborne-Wednesday Airborne-Thursday

Airborne-Friday

Airborne On YouTube

Airborne-Unlimited-04.01.24

Airborne-Unlimited-04.09.24

Airborne-Unlimited-04.10.24 Airborne-Unlimited-04.11.24

Airborne-Unlimited-04.12.24

Join Us At 0900ET, Friday, 4/10, for the LIVE Morning Brief.
Watch It LIVE at
www.airborne-live.net

Wed, Feb 21, 2024

Set Jet Quietly Shutters Operations

Failed Transition to SPAC IPO Leaves Would-Be Private Jet Firm Penniless

Set Jet, a private jet operator hoping to carve out a niche offering by-the-seat charter flights, has quietly folded up shop and closed down after running out of investor money.

For the firm's almost 3,000-strong membership base, the news is bad all around, according to an apologetic but disappointing email. Set Jet's operations are completely closed, with no customer service lines taking calls and all employees retired with immediate effect. Those who had pre-paid for future flights or been billed for memberships? No refunds, but at least there won't be any future billing. In short, the firm simply couldn't continue spending money it no longer had, particularly after missing out on a desired bridge loan that would have provided a couple years of operational funding at 2023 scale.

Set Jet had been delaying a planned IPO-cum-merger earlier this year, hoping to extend timelines to join up with a Special Purpose Acquisition Company past a February 21st deadline. SPACs were, for a time, a popular way to sidestep the winding, tedious process of completing an Initial Public Offering.

A few high-profile successes in the 2021 bull run - and just as many embarrassments - have tarnished the SPAC tactic in the eyes of some, but Set Jet seemed to believe it would be the best way to drum up additional funding as it soldiered on through its earliest (and least profitable) years of operation. The would-be operator had somewhere near 3,000 active members in the Set Jet family, likely far from enough to turn a profit in the private jet world.

Set Jet's system relied on a Costco-like membership, where customers paid a $100/month fee to be able to book seats on its Challenger 850 flights in the southwestern USA. Its network included the LA/Orange county area, Scottsdale, Las Vegas, Aspen, and an extra southerly leg in Cabo San Lucas. If it had been able to hold out and operate for just a while longer, Set Jet had planned to further expand its purview out towards Texas and the East Coast.

FMI: www.setjet.com

Advertisement

More News

Aero-News: Quote of the Day (04.11.24)

“Partnering with Red Bull, we were able to show what an extremely light and powerful version of the Carbon Cub could accomplish when the UL technology demonstrator aircraft l>[...]

ANN's Daily Aero-Linx (04.11.24)

Aero Linx: Independent Pilots Association Welcome to the Independent Pilots Association. The IPA is the collective bargaining unit representing the more than 3300 professional pilo>[...]

NTSB Final Report: Cessna P210N

He Heard Another Pilot Report That He Was Landing At The Airport And Would Cut In Front Of Him Analysis: The pilot reported that while on a straight in approach to land, he heard a>[...]

Airborne 04.09.24: SnF24!, Piper-DeltaHawk!, Fisher Update, Junkers

Also: ForeFlight Upgrades, Cicare USA, Vittorazi Engines, EarthX We have a number of late-breaking news highlights from the 2024 Innovation Preview... which was PACKED with real ne>[...]

ANN's Daily Aero-Term (04.12.24): Discrete Code

Discrete Code As used in the Air Traffic Control Radar Beacon System (ATCRBS), any one of the 4096 selectable Mode 3/A aircraft transponder codes except those ending in zero zero; >[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2024 Web Development & Design by Pauli Systems, LC