JetDirect/SFG...

[kingairyahoo]

...a whole lot goin on over there and not a blip on the FI.com radar screen???

 

[jetwash]

Fill us in on what you know.

The new owners are tied to Flight Options in some way.

Anyone????

 

[gret]

Vendors and clients haven't been paid.

FBO in Dallas went bust last week.

Client defections to EJM and others.

Former CEO quit and now works for a small outfit in CA per AIN last week.

Employees carry expense report receivables.

Same situation as most mgmt/charter outfits today.

A mess!

 

[stupidpilot]

Cool. I was wondering when they would fold.

 

[BayBum37ft]

Cool. I was wondering when they would fold.

Stupid Pilot, you live up to your name, you obviously have some issues with Jet Direct/SFG. To wish will ill on all of those that work for Jet Direct/SFG is childish. Why don't you go back to being a CFI that you so proudly display. BTW I probably have more time sleeping in airplanes than you have total time. Dry up and blow away.

 

[stupidpilot]

Lighten up Francis, it was a joke. Stop taking yourself so seriously.

 

[TimsKeeper]

stupidpilot

There are a lot of pilots from that company out-of-work and out-of-luck at the moment.

It was a dumb comment. Just let it go and don't make it worse.

 

[stupidpilot]

Ya, and I'm one of them.

 

[BayBum37ft]

Stupid Pilot, I am sorry to hear that you were layed off, I really am, I lost my airline job last year and almost lost our house. My take home pay now is less than what I paid in taxes at my last job. We are all holding on, hoping that Jet Direct recovers, yes they owe me thousands of dollars in trip expenses (maybe my name should be stupid pilot) Were you STL based?

BayBum37ft

 

[stupidpilot]

OUCH! Sorry to hear that. I hope they do too but I think Hankin killed it. Even after the split JetDirect was supposed to be the preferred operator and I saw many times where someone else was used first. There was also a ridiculous waste of money that was rampant throughout the company. After being laid off twice this past year I'm not counting on the aviation industry any more. I love to fly and would love to make it my only career. Unfortunately, except for the lucky few @ FDX, UPS and SWA I don't see it as a viable option. I am doing several other things and will no longer have all my eggs in one or even two or three baskets again!

 

[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.