Jet Republic is grounded
JET REPUBLIC, the private-jet charter company, has ceased trading and become technically insolvent, it said yesterday.
“It is with great regret that I announce that Jet Republic appears to be technically insolvent,” chief executive Jonathan Breeze said to staff in an email.
“The business expected to receive funds today that have not arrived, nor do we expect them to arrive in the immediate future,” he added.
The Lisbon-based company’s surprise collapse comes after rival NetJet put an injunction on Jet Republic hiring its staff.
Earlier yesterday, Bombardier said it had terminated a $1.5bn deal with the group to supply 110 Learjet 60 XR aircraft.
“The Geneva-based holding company is still solvent,” a spokesman for Jet Republic said. “It is the Lisbon company which is insolvent,” he added.