Le Lézard
Classified in: Tourism and vacations, Transportation, Business
Subjects: ACC, RCN, BCY

Zetta Jet Receives Court Approval for Chapter 11 Trustee to be Appointed and Permission to Pay Critical Vendors



BURBANK, Calif., Sept. 29, 2017 /PRNewswire/ -- Zetta Jet Pts. Ltd., a global leader in private international, business and luxury air travel, announced today that the U.S. Bankruptcy Court for the Central District of California approved the U.S. Trustee's and its joint request to appoint a Chapter 11 trustee. The Company took this action to ensure a unified direction in the Company's restructuring efforts amidst continued shareholder disputes.  The U.S. Trustee's Office is expected to appoint the Chapter 11 trustee shortly.

"We believe that having an independent and impartial trustee in place to oversee the business as well as the company's Chapter 11 restructuring protects the interests of all of our stakeholders, and is the best course to ensure the smooth operation of our business throughout the proceedings," said Zetta Jet President and CEO Michael Maher.

The Company also announced that to facilitate normal business operations, it has received Court permission to pay a select group of critical vendors in the ordinary course of business for pre-petition debts owed.

"The Court's approval of our critical vendor motion is another positive step in our efforts to restructure our debt while continuing to provide safe, reliable and luxurious service to our customers.  We also appreciate the ongoing partnership of our customers and suppliers, and thank our employees for their continued dedication," Maher concluded.

The Company also said a recent emergency injunction ordered by a Singapore Court to stop the Chapter 11 proceedings was null and void given that a Singapore Court has no jurisdiction in U.S. federal bankruptcy court. 

Zetta Jet filed its Chapter 11 bankruptcy petitions on September 15, 2017. 

 

SOURCE Zetta Jet


These press releases may also interest you

at 03:55
The municipal government of Sanya, a coastal city in China's Hainan province, hosted a roadshow event on the heels of the roll out of non-stop air service between London and the seaside destination at Westfield Stratford City (adjacent to the Olympic...

at 03:11
HNA Group Co Ltd (HNA Group) and Commercial Aircraft Corporation of China Ltd (COMAC) signed a letter of intent to purchase 20 arj 21 aircrafts at the 51st Farnborough International Airshow in London, the first tangible result between the two sides...

at 01:00
Spirit AeroSystems has announced the creation of a new research and development complex at its manufacturing site in Prestwick, Scotland.  Innovation efforts will focus on infusion processes for composites materials, part handling, assembly...

at 01:00
LUMBERTON, Texas, July 17, 2018 /PRNewswire-PRWeb/ -- Book Nook Inn announces a new advantage for their guests with electric cars. A level 2 EV Charging station is now available for the Inn's guests who drive electric vehicles. The charging station...

16 jui 2018
UTC Aerospace Systems, a unit of United Technologies Corp. , announced today that it is expanding its U.K.-based MRO service capabilities to support the F-35 Lightning II. The company is a key supplier to the F-35, providing a range of content...

16 jui 2018
CellPoint Mobile, a leading global provider of sales and payment-side mobile technology solutions for the airline and travel sectors, has partnered with SaudiGulf Airlines, the full-service national carrier of Saudi Arabia, to develop and launch the...




News published on 29 september 2017 at 16:25 and distributed by: