Charter provider JetDirect Aviation has said it will receive an infusion of private equity capital by the end of this month that is expected to “enable us to begin bringing our client obligations more current prior to closing.” JetDirect President Jake Cartwright, who also headed TAG Aviation before that unit was acquired by JetDirect, has retired. JetDirect also revealed its plans to divest of Presidential Jets and Sunset Aviation-returning control of those companies to their former owners. According to research firm UBS Investment Research, business jet flight activity fell by 12 percent in 2008 compared with 2007. The month of November saw the steepest decline last year, plummeting 25 percent compared to 2007 numbers.
JetDirect Tells of Private Equity Backing in the Wings
Key Takeaways:
- JetDirect Aviation is set to receive private equity capital by month-end to help address client obligations, following the retirement of its President, Jake Cartwright.
- JetDirect plans to divest Presidential Jets and Sunset Aviation, returning control of these companies to their former owners.
- The business jet industry experienced a significant decline in flight activity in 2008, falling 12% compared to 2007, with November seeing a 25% drop.
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