The government of Malaysia has put its Boeing Business Jet up for sale. A report on the CH Aviation website says that the aircraft is being offered with a reserve price of $8.97 million.
Built in 1999, BBJ1 msn 29274 was originally delivered to Malaysian Airlines as 9M-BBJ in November of the same year.
Shortly after delivery, the aircraft was transferred to the Royal Malaysia Air Force as M53-01, where it replaced 1975-build Fokker F.28-1000.
Although the BBJ was used extensively on overseas trips, once the the Air Force took delivery of ACJ319 msn 2949/9M-NAA in 2007, the BBJ became less active. In March 2015, the Air Force purchased pre-owned ACJ320 msn 4199.
Bankrupt Zetta Jet secures $8.5mn in funding from lessor
Zetta Jet (USA) PTE Ltd has announced it has secured USD8.5 million in Post-Petition financing, also termed as Debtor-in-possession financing (DIP financing), from lessor Scout Aviation II, LLC.
Zetta Jet PTE Ltd filed for Chapter 11 bankruptcy protection in California in September this year citing significant losses incurred through alleged fraudulent acts committed by former Managing Director, Geoffrey Cassidy, including the misappropriation of company funds.
As such, the executive charter specialist said in a statement last week that the financing, subject to Bankruptcy Court approval, will enable it to satisfy customary obligations associated with its daily operations, including the timely payment for aircraft usage, fuel, post-petition goods and services, employee wages and other obligations. The operator said that it has filed a motion in a California bankruptcy court, seeking interim approval to use up to USD4.5 million of the USD8.5 million financing commitment. Final approval of the full amount of the financing commitment is expected in December.
"With the help of my advisors, the management team and I have been working on a business plan to restore the company to profitability," Zetta Jet's Chapter 11 Trustee Jonathan King, said. "We have already begun restructuring our aircraft fleet to operate more efficiently and otherwise reduce redundant costs. 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. Through this process, we hope to preserve and harvest the going concern value of Zetta Jet to maximize recoveries for the Company's stakeholders, continue to provide a superior product for our valued customers for years to come, and minimize any disruption to our employees, vendors and other constituents."
The financing term sheet states Scout Aviation will sponsor ZettaJet's restructuring plan and will also seek out buyers for its assets. As required under Chapter 11, Zetta Jet will establish a sale process, which will be subject to approval by the Bankruptcy Court, and it intends to file a motion seeking approval of bidding procedures shortly.
Zetta Jet hopes to emerge from Chapter 11 in February 2018.
The majority shareholders of Zetta Jet (USA) (ETA, Burbank) have released a statement claiming that the charter carrier's Chapter 11 bankruptcy application was done without their permission. Through their companies Asia Aviation Holdings and Truly Great Global, Geoffrey Cassidy and LiQi own 64% of Zetta Jet Pte Ltd of which Zetta Jet is a wholly owned subsidiary.
They claim that Zetta Jet CEO, Michael Maher, launched the bankruptcy protection proceedings without the authority of the majority ...
Zetta Jet enters Chapter 11 after MD fraud scandal
19SEP2017
US charter specialist Zetta Jet (USA) (ETA, Burbank) and its parent company Zetta Jet PTE Ltd have filed for Chapter 11 bankruptcy protection in the Central District of California, LA division. In a press release, Zetta says that it needs to restructure its debt following the discovery that former Managing Director, Geoffrey Cassidy, had committed fraudulent acts, including the misappropriation of company funds.
The airline has also filed a lawsuit against Cassidy, and has appointed Michael ...
Zetta Jet acquires Singaporean, US bizav specialists
26DEC2016
Singaporean business aviation specialist Zetta Jet (Singapore) (ETA, Singapore Seletar) says it has signed a definitive agreement on a merger with California-based Advanced Air Management (Burbank) and Asia Aviation (Singapore) (Singapore Seletar), Singapore’s first locally-based private aviation company.
In a statement, Zetta Jet said the acquisition would expand its core business of private aircraft charter with aircraft management solutions for its global customers under the core brand ...
Zetta Jet to lease four Challenger 650s from Minsheng
02NOV2016
Zetta Jet (USA) (ETA, Burbank) has signed a firm lease agreement with Minsheng Financial Leasing for four Bombardier Challenger 650 business jets.
The aircraft will be based out of the Singaporean operator's Burbank hub to cater to increasing demand for its luxury travel services between North America and the South East Asian (SEA) region.
Zetta Jet's fleet currently consists of six Global Express family jets including two Global 6000s, two Global 5000s, a Global XRS, and a Global ...
Joel Vogt wrote:Not sure whether this includes a change of owner as well, but Qatar Executive's CL-605 A7-CEA is now sporting a new, more discreet livery:
Israel Aerospace Industries will take a decision imminently on whether to relaunch its own business jet.
It comes 17 years after the Israeli defence giant divested its two aircraft programmes and their marketing and completions arm, Galaxy Aerospace
to Gulfstream parent General Dynamics,
However, he is clear that any move will not be in competition with Gulfstream or in partnership with any its direct rivals. "We are loyal," he insists.
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