One of Zetta Jets lessors and customers will provide up to $8.5 million in loans to help it restructure and exit Chapter 11 bankruptcy protection.
The loan has been provided by Scout Aviation, a lessor, owned by financier Nathanial Rothschild. Scout is now officially known as a stalking-horse bidder and will compete against other companies to buy Zetta Jet before it emerges from bankruptcy protection in February.
Zetta Jet is now being manged by Jonathan King, the court appointed Chapter 11 trustee. He is being advised by Seabury, a leading airline restructuring firm, and law firm DLA Piper. Michael Maher, who joined as interim CEO, has left the company.
With the help of my advisors, the management team and I h…
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