Charter Partners Left Holding the Bill
Numerous charter operators that flew passengers for Jet It are also listed as creditors. Among them: American Jet at $56,798, BellAir at $24,602, Brazos Valley Air Charter at $20,508, Business Jet Manager at $43,500, Century Jets at $33,900, Premier Private Jets at $27,893, Red Wing Aviation at $16,500, and Sawyer Aviation at $29,788.
Magellan Jets is owed a $40,000 refund for charter flights that were paid for but never flown, while Stratos Jet Charters lists $15,580 outstanding.
Jet It’s business model relied on chartering its fractional fleet when owners were not flying, a strategy that amplified exposure when operations unraveled.
Assets, Fines, and a Legal Wild Card
Jet It reports $1.16 million in assets, including accounts receivable, $155,964 in cash and equivalents, and $874,172 in CARES Act credits from 2021. It also discloses an unpaid $24,000 fine owed to the Federal Aviation Administration.
Notably, the filing lists a potential breach-of-contract claim against Honda Aircraft Company valued at up to $100 million. In a November 2022 letter to fractional owners, co-founder and CEO Glenn Gonzalez criticized the reliability of the HondaJet, saying it cost the company more than $20 million in off-fleet expenses. However, the bankruptcy filing cautions that a prior settlement “may prevent legal pursuit of claim.”
