Release of Q4 2022 and Mid-January 2023 Activity Report by JetASAP

MCAP Media Wire – Today, JetASAP, the only fully real-time commission-free marketplace for private aircraft, releases its most recent data on charter activity and average market rates. As the industry exits the Christmas travel high season, charter prices for JetASAP passengers fell by an average of 4% in the first few weeks of January. Following a general increase from November to December in which rates increased an average of 2.6%, except for heavy jets, which showed a 7% fall during the same period, this pattern can be seen across all classes of jet aircraft.

Light jet prices fell by 6% in January, mid-jet prices fell by 5%, and heavy jet prices fell by 4%, according to quotes broken down by type. The super mid class experienced the most unexpected adjustment, declining by 16%. The one exception was for turbo propellers, where pricing was essentially flat from November to December despite an increase of 9%.

Based on 2830 live operator-generated quotations that customers got throughout the time frame, pricing information. The company has been able to collect and disseminate useful charter rate data since its founding in 2020.

JetASAP Releases Q4 2022 & Mid-January 2023 Activity Report of Hourly Cost for On Demand Aircraft Charter

Flyers have direct access to charter aircraft operators with JetASAP’s on-demand charter option through an app, which eliminates commissions, prepaid jet card membership fees, and expensive buy-in charges. Flyers can receive live quotations from operators’ sales teams that are prepared to book by linking them directly with aircraft operators. Clients of JetASAP typically receive seven rates for each trip request, and quotes can start to come in right away.

Visit JetASAP.com or get the app from the Apple App Store for additional information.

Regarding JetASAP

JetASAP offers users a comprehensive set of tools so they can find and reserve their charter flights without paying any fee. The JetRATE intelligent cost estimate tool, exclusive partner services at discounted rates, such as Charter Flight Support’s aircraft coverage and support when a booked aircraft becomes unavailable due to a mechanical issue, the JetSEARCH operator directory, and the ability to search and book 2000+ daily trip deals in their live operator availability are some of the charter tools available. Exclusive to JetASAP, this list has never before been released.

Media Contact:

Lisa Sayer
lisa@jetasap.com
954-802-2723

Kirkland Advises Civil Aviation Authority on Restructuring Plan

Restructuring is the corporate management term for the act of reorganising the legal, ownership, operational, or other structures of a company for the purpose of making it more profitable, or better organised for its present needs.

Kirkland & Ellis is advising the United Kingdom Civil Aviation Authority on the restructuring of Virgin Atlantic Airways, in the first restructuring plan to be launched under the new Part 26A of the Companies Act 2006.

Kirkland is an American law firm. Founded in 1909 in Chicago, Illinois, Kirkland & Ellis is the largest law firm in the world by revenue, the seventh-largest by number of attorneys, and is the first law firm in the world to reach US$4 billion in revenue.

Virgin Atlantic’s plan represents a major first test of the new restructuring plan procedure, recently introduced under the Corporate Insolvency and Governance Act 2020. The new plan offers the possibility of cross-class cram-down, to impose a restructuring on dissenting stakeholders, and the possibility of compromising operational as well as financial creditors. For analysis of the reforms, see our Alert deck.

Virgin Atlantic Airways Limited launched its restructuring plan on 14 July, with the backing of key financial stakeholders. The deal seeks to ensure the survival of the airline against the backdrop of the existential crisis in the travel industry, owing to COVID-19 and related restrictions.

The comprehensive, solvent recapitalisation deal involves a significant shareholder support package, £170m third party secured debt financing, and creditor support, together worth up to £1.2bn over 18 months.

The court convening hearing is scheduled for 28 July, with stakeholder meetings and the court sanction hearing scheduled to follow in the week commencing 17 August. Recognition of the plan will be sought under Chapter 15 of the United States Bankruptcy Code.

Crucially, the restructuring allows Virgin Atlantic’s planes to continue in operation. If successful, the deal will serve as important template for restructurings under the new procedure.

The Kirkland team was led by London restructuring partner Elaine Nolan with restructuring associate Kai Zeng.