Zetta Jet, a global provider of private international, business and luxury air travel, has announced that its existing lessor Scout Aviation II, LLC has committed to provide up to USD 8.5 million in post-petition financing, the company said.
The financing, subject to Bankruptcy Court approval, will enable the company to satisfy customary obligations associated with the daily operations of its business, including the timely payment for aircraft usage, fuel, post-petition goods and services, employee wages and other obligations.
Scout Aviation will sponsor the company´s restructuring plan, acting as a stalking horse bidder. As required under Chapter 11, Zetta Jet will establish a sale process, which will be subject to approval by the Bankruptcy Court, and it intends to file a motion seeking approval of bidding procedures shortly. The company hopes to emerge from Chapter 11 in February 2018.
The company said that it filed a motion in the US Bankruptcy Court for the Central District of California, seeking interim approval in November to use up to USD 4.5 million of the USD 8.5 million financing commitment with final approval of the full amount of the financing commitment in December.