Jet Republic, the private jet club which offered fractional ownership of jets such as the Learjet 60 XR has suspended operations.
The company, which had only this week launched a “bespoke private jet charter programme” allowing clients to purchase one flight at a time, said that “…the aviation asset finance market has completely dried up making it much more difficult for potential clients to take out and obtain financing for fractional ownership of jets. We have therefore taken the decision to suspend our operations in Portugal until further notice.”
Launched in September 2008, Jet Republic made the largest European private jet order ever placed – $1.5 billion for 110 Bombardier Learjet 60 XR aircraft in June 2008, an order that was cancelled by Bombardier this morning.
Jet Republic’s spokesperson went on to say that “Our holding company is fully operational and will work closely with our shareholders to ensure that the interests of our existing clients, employees and suppliers are protected to the best of our ability.”
Jet Republic offered its clients four products, namely a discount on the purchase of a new Bombardier Learjet 60 XR aircraft for $13,500,000 compared to a list price of $14,600,000, fractional ownership, Jet Card Membership and Private Jet Charter.
For more information visit jetrepublic.com.
Report by Tom Otley