JetDirect/SFG...

[cap3691]

I am with you stupidpilot,i got laid off from jet direct however dont give up, there will always be a opening soon in the near future

 

[OCR]

Only going to get worse

From what I can see, it is highly unlikely that JetDirect will survive. The chapter 11 bankruptcy of Regal Jets in Dallas was just a smoke screen to push all of their bad debt into one of their charter companies in an attempt to let Brantley Partners attempt to buy only the assets without having to pay anyone. Even if they suceed, which is highly unlikely, it would seem that most of the owners will surely leave once they confirm they have no chance of getting their operating deposits back. As it is, they have already lost more than half of their fleet. This is a bad situation, and about to get even worse.

Many other charter companies will fall by the wayside before all of this is over. Charter flying has virtually fallen off a cliff in many markets. Those who are flying are often flying at or below cost just to look busy. However, there is only so long you can fly below cost before something has to give.

 

[54fighting]

I know for a fact that they were closing down more than 10 managed accounts in one day at a particular airport.

 

[BayBum37ft]

kfrg ?

 

[ruhroa]

don't think that many were there though i do think they left as well my guess would be kdal

 

[stupidpilot]

Nope. KDAL only had One or two aircraft left.

 

[kingairyahoo]

chapter 7 filed as of monday...

 

[Cpt Splash]

Who Filed Chapter 7? Jet Direct was acquired by JDA acquisitions and is in the process of reorganizing.

 

[kingairyahoo]

yea, a reorganization...as in put all the assets to a holding company, ignore the payroll and file bankrupty on the recent acquisitions, leaving employees in the lurch...nice

and from the looks of it, they wont be far behind from the mass exodus of aircraft thats about to take place :smash:

 

[54fighting]

For those interested....... http://www.ainonline.com/news/singl...irect-puts-second-subsidiary-into-bankruptcy/

JetDirect Aviation has now placed two of its subsidiary companies into bankruptcy. The first was Regal Aviation of Dallas, placed into Chapter 11 bankruptcy on February 25.

On Friday, JetDirect placed Novato, Calif. charter operator Sunset Aviation, Inc. into Chapter 7 liquidation.

JetDirect Aviation had furloughed all Sunset Aviation, Inc. employees on March 2, then in a March 6 letter to those employees, JetDirect chairman Gregory Campbell explained, “As a result of this filing any wages or expense obligations owed to you will now be treated as an unsecured creditor obligation of the bankruptcy estate.