07 May, 2020

flyExclusive to enables JetSuite SuiteKey card members to retain full value of their investment

flyExclusive, a leading provider of premium private jet charter travel, today announced that it is launching the JetSuite Card Member 100% Rescue Plan, a new initiative that provides relief to JetSuite SuiteKey jet card members impacted by the company’s declaration of bankruptcy due to the COVID-19 pandemic. Those with remaining balances on their SuiteKey jet cards can now reclaim 100 percent of their investment with a membership in the flyExclusive Jet Club.

The recently revamped Jet Club from flyExclusive program offers passengers a partnership built on decades of knowledge and industry expertise to give members control, reliability and consistency in private travel. Through the JetSuite Card Member 100% Rescue Plan, members with remaining balances on their JetSuite SuiteKey jet card memberships can apply their funds directly to a new flyExclusive Jet Club membership. flyExclusive will work with members to structure a plan that fits their needs and allocates those funds in a way that enables them to start generating value from their investment immediately. Those who choose to participate will gain access to flyExclusive’s floating fleet of nearly 60 light to super-mid Citation jets and Gulfstreams with industry-leading efficiency and the best available hourly rates in the industry.

JetSuite filed for voluntary Chapter 11 bankruptcy protection on 28 April, just a couple of weeks after the firm grounded its fleet and put almost all staff on furlough. In the court documents, it estimates the firm has up to $10 million in assets, and liabilities of between $50 million and $100 million. The largest of these debts, at $931,000, is owed to online streaming company Netflix.

JetSuite's statement,  Superior Air Charter dba JetSuite Air (JetSuite) has voluntarily filed for relief under chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware

Chief Restructuring Officer Ted Gavin, CTP of Gavin/Solmonese LLC said "JetSuite has always done its best to honour its commitments to customers throughout its exemplary history, and JetSuite leadership has spent and will continue to spend enormous time and effort pursuing strategic and financial alternatives to restart operations.

Unfortunately, the global circumstances brought on by the Covid-19 pandemic have caused JetSuite’s revenues to drop to near zero, and the carnage across the economy and in the aviation industry, in particular, is well reported and has no clear end in sight, so we have made the regrettable but necessary decision to file for chapter 11 bankruptcy protection."

JetSuite has safely operated over 111,000 flights since 2009. It will seek bankruptcy protection to reorganize, preserve and maximize the value of its assets, and potentially resume operations.

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