Zetta Jet has committed to continuing operations of the luxury charter for Bombardier-built business jets as it attempts to restructure the company’s debt under chapter 11 protection and pursues a lawsuit against a former chief executive for allegedly misappropriating funds, FlightGlobal.com reported yesterday. Singapore-based Zetta Jet Pte and US subsidiary Zetta Jet USA each filed voluntary bankruptcy petitions under chapter 11 in in Los Angeles on September 15, claiming liabilities in excess of $50 million, including liquidated contracts with Bombardier worth more than $15 million and unpaid bills of more than $4 million to engine supplier Rolls-Royce and World Fuel Services. The bankruptcy petition also shows that Zetta Jet claims more than $50 million in assets, including a fleet of seven Global Express classics and five Global 6000s. Zetta Jet’s order book also includes three Global Express and two Challenger 650s due for delivery in the fourth quarter this year.
