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-Wednesday Airborne-Thursday


Airborne On YouTube



Airborne-FlightTraining-04.17.24 Airborne-Unlimited-04.11.24


Join Us At 0900ET, Friday, 4/10, for the LIVE Morning Brief.
Watch It LIVE at

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.



More News

ANN's Daily Aero-Linx (04.15.24)

Aero Linx: International Flying Farmers IFF is a not-for-profit organization started in 1944 by farmers who were also private pilots. We have members all across the United States a>[...]

Classic Aero-TV: 'No Other Options' -- The Israeli Air Force's Danny Shapira

From 2017 (YouTube Version): Remembrances Of An Israeli Air Force Test Pilot Early in 2016, ANN contributor Maxine Scheer traveled to Israel, where she had the opportunity to sit d>[...]

Aero-News: Quote of the Day (04.15.24)

"We renegotiated what our debt restructuring is on a lot of our debts, mostly with the family. Those debts are going to be converted into equity..." Source: Excerpts from a short v>[...]

Airborne 04.16.24: RV Update, Affordable Flying Expo, Diamond Lil

Also: B-29 Superfortress Reunion, FAA Wants Controllers, Spirit Airlines Pulls Back, Gogo Galileo Van's Aircraft posted a short video recapping the goings-on around their reorganiz>[...]

ANN's Daily Aero-Term (04.16.24): Chart Supplement US

Chart Supplement US A flight information publication designed for use with appropriate IFR or VFR charts which contains data on all airports, seaplane bases, and heliports open to >[...]

blog comments powered by Disqus





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