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 02.19.18

Airborne-UnManned 02.20.18

Airborne 02.21.18

AMA Drone Report 02.22.18

Airborne 02.16.18

Airborne-YouTube

Airborne 02.19.18

Airborne-UnManned 02.20.18

Airborne 02.21.18

AMA Drone Report 02.22.18

Airborne 02.16.18

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

Airborne 02.21.18: AEA Report, Aerocor Eclipse Program, WWII Airman Recovered

Also: Gulfstream To Expand, Med-Trans Partners, FAA SAIB On AT-6, Passenger Gas Curtails Flight The AEA has released its 2017 year-end Avionics Market Report. Total worldwide busin>[...]

Airborne-Unmanned 02.20.18: USMC InstantEye, Raleigh Reconsiders, Battle Drones

Also: Fortem DroneHunter, Solar-Powered Rover, Drone Mkt Worth $48.88B, MQ-25 Partnerships InstantEye Robotics has received a substantial order from PMA-263, the Navy and Marine Co>[...]

AMA Drone Report 02.15.18: AMA Expo East, Skydio R1, TSB Canada Report

Also: DJI Knowledge Quiz, GoFly Competition, Drone ID Rules Coming, FAA Unenthusiastic About Prosecuting? The Academy of Model Aeronautics will host the annual AMA Expo East at the>[...]

AMA Drone Report 02.22.18: AMA Expo!, Raleigh Update, UAV v Helo... or Not?

Also: AMA Active In Counseling Gov'ts, Intel Drone Light Show, Drone Park Planned, ALPA Attacks Unmanned Don’t forget... The annual AMA Expo East starts at the Meadowlands Ex>[...]

AMA Drone Report 02.22.18: AMA Expo!, Raleigh Update, UAV v Helo... or Not?

Also: AMA Active In Counseling Gov'ts, Intel Drone Light Show, Drone Park Planned, ALPA Attacks Unmanned Don’t forget... The annual AMA Expo East starts at the Meadowlands Ex>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

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