Zetta Jet USA files Chapter 11
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Chapter11 is a means not to pay the accumulated debt before the filing and continue operations. It can be (mis)used to give yourself a boost and an unfair advantage against market competitors... Only time will tell if the appointed management play their cards right - for now, this means business as usual.
Last edited by Propellerpilot; 18th Sep 2017 at 09:27.
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Good question, I guess it is a business confidence thing.
Passengers sitting on a Global Express and reading the financial papers about the 'apparent' demise of their mode of transport.
How does chapter 11 in the USA affect the Singapore operation?
Passengers sitting on a Global Express and reading the financial papers about the 'apparent' demise of their mode of transport.
How does chapter 11 in the USA affect the Singapore operation?
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Quote from the filing: "the largest creditors listed in the filing include Bombardier ($15.1 million), Rolls-Royce Deutschland ($4.1 million), World Fuel Services, Pte Ltd Singapore ($4.0 million), Universal Fuels, Inc. Houston, ($2.7 million), CAE SimuFlite Dallas ($2.2 million), Hong Kong & Shanghai Banking Corp Singapore ($2.0 million), Scout Aviation II, LLC Guernsey ($1.3 million), and Universal Weather & Aviation, Inc. Houston ($1.1 million). The claim from Hong Kong & Shanghai Banking Corp. was listed as credit card services".
As I understand it, this imples that these creditors - (the biggest being manufacturer Bombardier with $15.1 million) will not receive any of the outstanding debts or parts thereof until Zetta is sanitised or files for Chapter 7 (liquidation).
As I understand it, this imples that these creditors - (the biggest being manufacturer Bombardier with $15.1 million) will not receive any of the outstanding debts or parts thereof until Zetta is sanitised or files for Chapter 7 (liquidation).
OK, don't feel sorry for Cassidy please.
Geoff Cassidy, the recently departed Manager/Director/whatever is a known con man with a track record of attempted/alleged fraud.
Before you 'hop into bed' to do big business at least Google the names of the people at the top. Cassidy is known for passing himself off as having owned a BBJ, Basketball team, try to pinch a big boat from a boat show, the list goes on. An Australian Bank sprung him when he was unable to correctly spell the name of the city he was born in!
There is numerous newspaper articles in Australia, all available via a search engine.
Owes me heaps!!!
Feel genuinely sorry for his USA partners and other innocents, but this guy has to go to jail!
Geoff Cassidy, the recently departed Manager/Director/whatever is a known con man with a track record of attempted/alleged fraud.
Before you 'hop into bed' to do big business at least Google the names of the people at the top. Cassidy is known for passing himself off as having owned a BBJ, Basketball team, try to pinch a big boat from a boat show, the list goes on. An Australian Bank sprung him when he was unable to correctly spell the name of the city he was born in!
There is numerous newspaper articles in Australia, all available via a search engine.
Owes me heaps!!!
Feel genuinely sorry for his USA partners and other innocents, but this guy has to go to jail!
Conman sprung in Bullets bid Phil Lutton
24 Jun 2008, 7:07 a.m.
He almost talked his way to the helm of a $20m boat. Now a conman who can't spell is revealed as the 'mystery buyer' who made a play for the Bullets.
He almost blagged his way to the helm of a $20 million luxury boat. Now a conman who can't spell can be revealed as the "mystery buyer" who made a play for the Brisbane Bullets.
As fresh hope has once again surfaced for the embattled National Basketball League (NBL) club, it yesterday emerged that a serial grifter who couldn't spell his supposed hometown tried to pass himself off as a potential saviour last week.
With just six days to go before owner Eddy Groves is forced to hand back his club licence, NBL boss Chuck Harmison says a serious deal is underway and an announcement is due in days.
"I'm expecting something to come across my desk this week that I can send to the board and hopefully approve. Things are still looking positive," Harmison said.
"It's certainly not all doom and gloom. I think something good is happening up there."
While the phantom buyer quickly disappeared from the scene, a consortium lead by Brisbane businessman Brian Stephenson is set to throw the drowning Bullets a last-minute lifeline.
It is understood Brisbane basketball identity Stephenson is leading a new group that is in complex negotiations with the NBL. Former Bullets general manager Jeff van Groningen is a key figure in the dealings.
The Stephenson group is keen to take the NBL show on the road but their desire to play a series of matches at regional stadiums like Ipswich or Toowoomba needs to be ironed out with the league.
A number of other interested parties, including longtime corporate supporters of the Bullets and Basketball Queensland, are also said to be involved in the rescue bid.
If successful, Stephenson will take over a team with virtually no playing stocks. The latest hit came yesterday when point guard Adam Gibson signed with the South Dragons, while all of the club's stars fled the ship after the last bid, led by Logan shopfitting magnate David Kemp, fell through.
Stephenson's legitimate bid is in stark contrast to last week, when a man calling himself Geoffrey Cassidy touted himself as a genuine buyer to the NBL.
Cassidy made headlines recently after an attempted con at the Gold Coast boat show at Sanctuary Cove.
He attempted to purchase two yachts - one worth $7.8 million the other worth $20 million - before being exposed after he couldn't spell the name of his supposed hometown, Armidale.
Newspaper reports said Cassidy passed himself off as the NSW-based chief executive of an aviation company who owned a Boeing 737 private jet.
It is believed he peddled a similar story to the NBL, while there are rumours he also masqueraded as a financial backer for a surf lifesaving club on Stradbroke Island.
Boats International director John Rapmund told the Gold Coast Bulletin newspaper last month the man approached his Horizon Boats International stand and signalled his interest in a luxury vessel.
"He said he couldn't use his credit card as he had put a $300,000 piano on it and it was 'chockas'," Rapmund told the paper.
But Rapmund became suspicious when the man spelled Armidale as "Armadale".
"I got one of the girls to ring the bank. They'd never heard of him."
24 Jun 2008, 7:07 a.m.
He almost talked his way to the helm of a $20m boat. Now a conman who can't spell is revealed as the 'mystery buyer' who made a play for the Bullets.
He almost blagged his way to the helm of a $20 million luxury boat. Now a conman who can't spell can be revealed as the "mystery buyer" who made a play for the Brisbane Bullets.
As fresh hope has once again surfaced for the embattled National Basketball League (NBL) club, it yesterday emerged that a serial grifter who couldn't spell his supposed hometown tried to pass himself off as a potential saviour last week.
With just six days to go before owner Eddy Groves is forced to hand back his club licence, NBL boss Chuck Harmison says a serious deal is underway and an announcement is due in days.
"I'm expecting something to come across my desk this week that I can send to the board and hopefully approve. Things are still looking positive," Harmison said.
"It's certainly not all doom and gloom. I think something good is happening up there."
While the phantom buyer quickly disappeared from the scene, a consortium lead by Brisbane businessman Brian Stephenson is set to throw the drowning Bullets a last-minute lifeline.
It is understood Brisbane basketball identity Stephenson is leading a new group that is in complex negotiations with the NBL. Former Bullets general manager Jeff van Groningen is a key figure in the dealings.
The Stephenson group is keen to take the NBL show on the road but their desire to play a series of matches at regional stadiums like Ipswich or Toowoomba needs to be ironed out with the league.
A number of other interested parties, including longtime corporate supporters of the Bullets and Basketball Queensland, are also said to be involved in the rescue bid.
If successful, Stephenson will take over a team with virtually no playing stocks. The latest hit came yesterday when point guard Adam Gibson signed with the South Dragons, while all of the club's stars fled the ship after the last bid, led by Logan shopfitting magnate David Kemp, fell through.
Stephenson's legitimate bid is in stark contrast to last week, when a man calling himself Geoffrey Cassidy touted himself as a genuine buyer to the NBL.
Cassidy made headlines recently after an attempted con at the Gold Coast boat show at Sanctuary Cove.
He attempted to purchase two yachts - one worth $7.8 million the other worth $20 million - before being exposed after he couldn't spell the name of his supposed hometown, Armidale.
Newspaper reports said Cassidy passed himself off as the NSW-based chief executive of an aviation company who owned a Boeing 737 private jet.
It is believed he peddled a similar story to the NBL, while there are rumours he also masqueraded as a financial backer for a surf lifesaving club on Stradbroke Island.
Boats International director John Rapmund told the Gold Coast Bulletin newspaper last month the man approached his Horizon Boats International stand and signalled his interest in a luxury vessel.
"He said he couldn't use his credit card as he had put a $300,000 piano on it and it was 'chockas'," Rapmund told the paper.
But Rapmund became suspicious when the man spelled Armidale as "Armadale".
"I got one of the girls to ring the bank. They'd never heard of him."
The conman is in denial - beware of Casssidy
Copied from IAN news
Zetta Jet has lined up $8.5 million in financing from existing lessor Scout Aviation II as the international charter operator positions to reorganize under Chapter 11 bankruptcy protection and to secure a buyer for the company.
The funding will help Zetta Jet to meet obligations associated with its daily operations, including payments for aircraft usage, fuel, wages, goods and services, said the company, which filed for Chapter 11 restructuring in September. Zetta Jet is seeking interim U.S. bankruptcy court approval to immediately use up to $4.5 million of the financing and access the full amount in December.
“We have already begun restructuring our aircraft fleet to operate more efficiently and otherwise reduce redundant costs,” said Jonathan King, a partner and co-chair of DLA Piper's white collar, corporate crime and investigations practice, who was approved by the court last month to serve as the Chapter 11 trustee. “Now with funding in place, the company will have financial resources to implement that plan and sufficient liquidity to fund the company through a competitive sale process, culminating in emergence under a plan of reorganization.”
Zetta Jet expects to file a motion shortly that lays out a bidding process for the sale of the company. That plan must receive bankruptcy court approval. Scout Aviation will act as a stalking horse bidder and sponsor the restructuring plan.
"Scout Aviation has been a good business partner to the company and this financing commitment demonstrates its continued confidence in the company," King said.
As Zetta Jet continues its reorganization efforts, the dispute with its former managing director Geoffrey Cassidy also continues. Cassidy last week issued a statement laying out objections to the bankruptcy proceedings and company’s actions, and he's denying charges that the company has leveled against him. Cassidy has maintained that the bankruptcy procedures were avoidable and said the situation is “unacceptable.”
Copied from IAN news
Zetta Jet has lined up $8.5 million in financing from existing lessor Scout Aviation II as the international charter operator positions to reorganize under Chapter 11 bankruptcy protection and to secure a buyer for the company.
The funding will help Zetta Jet to meet obligations associated with its daily operations, including payments for aircraft usage, fuel, wages, goods and services, said the company, which filed for Chapter 11 restructuring in September. Zetta Jet is seeking interim U.S. bankruptcy court approval to immediately use up to $4.5 million of the financing and access the full amount in December.
“We have already begun restructuring our aircraft fleet to operate more efficiently and otherwise reduce redundant costs,” said Jonathan King, a partner and co-chair of DLA Piper's white collar, corporate crime and investigations practice, who was approved by the court last month to serve as the Chapter 11 trustee. “Now with funding in place, the company will have financial resources to implement that plan and sufficient liquidity to fund the company through a competitive sale process, culminating in emergence under a plan of reorganization.”
Zetta Jet expects to file a motion shortly that lays out a bidding process for the sale of the company. That plan must receive bankruptcy court approval. Scout Aviation will act as a stalking horse bidder and sponsor the restructuring plan.
"Scout Aviation has been a good business partner to the company and this financing commitment demonstrates its continued confidence in the company," King said.
As Zetta Jet continues its reorganization efforts, the dispute with its former managing director Geoffrey Cassidy also continues. Cassidy last week issued a statement laying out objections to the bankruptcy proceedings and company’s actions, and he's denying charges that the company has leveled against him. Cassidy has maintained that the bankruptcy procedures were avoidable and said the situation is “unacceptable.”
Again, beware of conman Cassidy
Zetta Jet has lined up $8.5 million in financing from existing lessor Scout Aviation II as the international charter operator positions to reorganize under Chapter 11 bankruptcy protection and to secure a buyer for the company.
The funding will help Zetta Jet to meet obligations associated with its daily operations, including payments for aircraft usage, fuel, wages, goods and services, said the company, which filed for Chapter 11 restructuring in September. Zetta Jet is seeking interim U.S. bankruptcy court approval to immediately use up to $4.5 million of the financing and access the full amount in December.
“We have already begun restructuring our aircraft fleet to operate more efficiently and otherwise reduce redundant costs,” said Jonathan King, a partner and co-chair of DLA Piper's white collar, corporate crime and investigations practice, who was approved by the court last month to serve as the Chapter 11 trustee. “Now with funding in place, the company will have financial resources to implement that plan and sufficient liquidity to fund the company through a competitive sale process, culminating in emergence under a plan of reorganization.”
Zetta Jet expects to file a motion shortly that lays out a bidding process for the sale of the company. That plan must receive bankruptcy court approval. Scout Aviation will act as a stalking horse bidder and sponsor the restructuring plan.
"Scout Aviation has been a good business partner to the company and this financing commitment demonstrates its continued confidence in the company," King said.
As Zetta Jet continues its reorganization efforts, the dispute with its former managing director Geoffrey Cassidy also continues. Cassidy last week issued a statement laying out objections to the bankruptcy proceedings and company’s actions, and he's denying charges that the company has leveled against him. Cassidy has maintained that the bankruptcy procedures were avoidable and said the situation is “unacceptable.”
BTW, has any of the 'jilted' directors or financial backers done any research into the rumour Cassidy has a second wife and children in Beijing? Mind you its only a rumour.. perhaps some of the previous pilots can speak up.??
The funding will help Zetta Jet to meet obligations associated with its daily operations, including payments for aircraft usage, fuel, wages, goods and services, said the company, which filed for Chapter 11 restructuring in September. Zetta Jet is seeking interim U.S. bankruptcy court approval to immediately use up to $4.5 million of the financing and access the full amount in December.
“We have already begun restructuring our aircraft fleet to operate more efficiently and otherwise reduce redundant costs,” said Jonathan King, a partner and co-chair of DLA Piper's white collar, corporate crime and investigations practice, who was approved by the court last month to serve as the Chapter 11 trustee. “Now with funding in place, the company will have financial resources to implement that plan and sufficient liquidity to fund the company through a competitive sale process, culminating in emergence under a plan of reorganization.”
Zetta Jet expects to file a motion shortly that lays out a bidding process for the sale of the company. That plan must receive bankruptcy court approval. Scout Aviation will act as a stalking horse bidder and sponsor the restructuring plan.
"Scout Aviation has been a good business partner to the company and this financing commitment demonstrates its continued confidence in the company," King said.
As Zetta Jet continues its reorganization efforts, the dispute with its former managing director Geoffrey Cassidy also continues. Cassidy last week issued a statement laying out objections to the bankruptcy proceedings and company’s actions, and he's denying charges that the company has leveled against him. Cassidy has maintained that the bankruptcy procedures were avoidable and said the situation is “unacceptable.”
BTW, has any of the 'jilted' directors or financial backers done any research into the rumour Cassidy has a second wife and children in Beijing? Mind you its only a rumour.. perhaps some of the previous pilots can speak up.??
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And... There we have it...
Operations to cease as of the 30th November. Everyone to be let go and laid off.
I feel desperately sorry for the good people who have done nothing but work hard and keep going... But, for the pig ignorant pocket lining SMT, I can't feel any sort of sympathy at all.
24197516_10212497326125824_1377294906_o.jpg
Operations to cease as of the 30th November. Everyone to be let go and laid off.
I feel desperately sorry for the good people who have done nothing but work hard and keep going... But, for the pig ignorant pocket lining SMT, I can't feel any sort of sympathy at all.
24197516_10212497326125824_1377294906_o.jpg
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Can’t read what it says on attached picture. Does it say anything about what lead to this in the end? I thought they had found investor who was putting cash on the table to continue operations?
CP
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They claim it to be "surprising", but the court have probably seen this all before and decided not to allow more money to be whizzed up the wall supporting a dead concern.
Just a few weeks after believing that it had lined up $8.5 million in post Chapter 11 petition financing, international air charter operator Zetta Jet is ceasing operations today and turning over its air operator’s certificate to the U.S. FAA. Court documents show that the trustee in the Zetta Jet bankruptcy case, Jonathan King, a partner and co-chair of DLA Piper's white collar, corporate crime and investigations practice, has asked the court for a change from Chapter 11 proceedings to Chapter 7 proceedings. The change to liquidation came after the U.S. Court apparently denied Zetta Jet’s bid for new financing, a decision that was said to have come as a surprise.
Zetta Jet had filed for Chapter 11 bankruptcy protection in September after ousting managing director Geoffrey Cassidy. Zetta Jet in mid-November announced it had arranged financing from existing lessor Scout Aviation II and said it hoped to secure a buyer for the company.
The Zetta Jet brand was launched a little more than two years ago and had become one of the fastest-growing charter operators in the Asia-Pacific region with a fleet of Bombardier Globals and Challengers. Although it was originally a Singapore-based company, the bankruptcy proceedings were filed in U.S. courts. The U.S. branch was built up following a merger less than a year ago with aircraft management specialist Advanced Air Management.
Now importantly the "conman" Geoffrey Cassidy must be held to account!
Zetta Jet had filed for Chapter 11 bankruptcy protection in September after ousting managing director Geoffrey Cassidy. Zetta Jet in mid-November announced it had arranged financing from existing lessor Scout Aviation II and said it hoped to secure a buyer for the company.
The Zetta Jet brand was launched a little more than two years ago and had become one of the fastest-growing charter operators in the Asia-Pacific region with a fleet of Bombardier Globals and Challengers. Although it was originally a Singapore-based company, the bankruptcy proceedings were filed in U.S. courts. The U.S. branch was built up following a merger less than a year ago with aircraft management specialist Advanced Air Management.
Now importantly the "conman" Geoffrey Cassidy must be held to account!
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Are there any rumours to what will happen to the fleet ?
The banks or creditors will surely not want to keep the fleet grounded to accumulate further losses ?
A fast incorporation would surely also benefit the crews that are now swamping the market.
The banks or creditors will surely not want to keep the fleet grounded to accumulate further losses ?
A fast incorporation would surely also benefit the crews that are now swamping the market.
