Charter firm nears deal with new buyer | Aviation International News

Charter & Fractional

Charter firm nears deal with new buyer

The plan by JDA Acquisition Company (JDAAC) to buy the assets of charter/
management firm JetDirect Aviation is expected to reach fruition by April 7.

By AIN Staff • AIN Staff

March 30, 2009

The plan by JDA Acquisition Company (JDAAC) to buy the assets of charter/
management firm JetDirect Aviation is expected to reach fruition by April 7. On March 16, JDAAC said that it concluded an agreement to purchase JetDirect assets. But that transaction appeared to be subject to sufficient management clients agreeing to join JDAAC, and the FAA issuing a new Part 135 certificate. After concluding the transaction, JDAAC plans to adopt a new name. The company is backed by private-equity firm Brantley Partners.

The Brantley Partners/JDAAC purchase of JetDirect assets should provide up to $20 million to JetDirect lienholders, according to information obtained by AIN, far less than the $112.5 million in secured debt JetDirect Aviation owes. JDAAC has also promised to bring payroll and expense reimbursements up to date, although management clients, employees and vendors of two JetDirect Aviation subsidiary companies that have been placed into bankruptcy– Regal Jets and Sunset Aviation, Inc.–are very low on the creditors list.

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