Jet Republic is grounded

JET REPUBLIC, the private-jet charter company, has ceased trading and become technically insolvent, it said yesterday.<br /><br />&ldquo;It is with great regret that I announce that Jet Republic appears to be technically insolvent,&rdquo; chief executive Jonathan Breeze said to staff in an email.<br /><br />&ldquo;The business expected to receive funds today that have not arrived, nor do we expect them to arrive in the immediate future,&rdquo; he added.<br /><br />The Lisbon-based company&rsquo;s surprise collapse comes after rival NetJet put an injunction on Jet Republic hiring its staff.<br /><br />Earlier yesterday, Bombardier said it had terminated a $1.5bn deal with the group to supply 110 Learjet 60 XR aircraft.<br /><br />&ldquo;The Geneva-based holding company is still solvent,&rdquo; a spokesman for Jet Republic said. &ldquo;It is the Lisbon company which is insolvent,&rdquo; he added.