Charter company JetSuite has filed for Chapter 11 bankruptcy protection. It had stopped operations in mid-April and furloughed its workforce. It flew Embraer Phenom 100 and 300 aircraft.
“JetSuite has always done its best to honor 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,” said Chief Restructuring Officer Ted Gavin. “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.”
According to the company, it had operated more than 111,000 flights in 11 years and will “seek bankruptcy protection to reorganize, preserve and maximize the value of its assets, and potentially resume operations.”
Chief Restructuring Officer – Move over, IT Professionals and Drone Technicians, there’s a new skill set making a major buzz.
The Beatles sung about the “Taxman”. Perhaps a contemporary group could write a song about the CRO (aka, “The Ax Man”)
About 8 weeks ago Business Insider published a piece about the demand for experienced legal and accounting professionals specializing in corporate bankruptcy and asset liquidation. Search firms were offering salaries starting at $1M.