Recent events surrounding personal aircraft charter company Wheels Up regarding heavy financial losses, a crushed stock price and hastily departed CEO caused concern throughout the business aviation industry. On the heels of that, an article in the Financial Times (FT) now suggests the situation isn’t unique, as the closely-guarded financials of charter provider VistaJet Global shows similar hemorrhaging.
To summarize the well-written and researched FT article, VistaJet lost $436 million over the last four years, and doubled its debt load last year to $4.4 billion. Their auditors Ernst & Young (EY) question the company’s very ability to continue as a going concern.
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