Where did they come from?
JetGo is a regional passenger airline and charter operator founded in 2011 by Gold Coast man Jason Ryder and Sydney product Arron Mulder, both experienced pilots.
Ryder is the CEO and Mulder is the firm’s chief operating officer.
JetGo’s holding company is registered in Sydney but the airline is based at Eagle Farm, near Brisbane Airport.
It started flying from Illawarra Regional Airport in Albion Park last October.
Who owns it?
The company in question, Jetgo Australia Holdings Pty Ltd, a privately owned concern, meaning financial records are not publicly available.
The shareholders are Jason Ryder, Arron Mulder, Larelle Mulder, Shayne Archer, Greg Law, a Mulder family-related company called Redlum Pty Ltd, and a Queensland company called Shef’s Supermarket Australia Pty Ltd.
The managing director is Paul Bredereck.
How big is it?
The total value of shareholdings is only a little over $750,000.
JetGo is said to employ 105 people but some observers say this would not be full-time equivalent.
It flew between Brisbane and the Gold Coast and Dubbo, Wollongong, Melbourne, Rockhampton, Albury, Wagga Wagga and Karratha in WA. It was planning a Karratha to Singapore route but this had not commenced.
How bad is the financial situation?
The administrators will be working this out now. Company records show there are no loans from financial institutions to worry about.
There have been reports that Ryder sent an email to staff last week warning them JetGo was facing increasingly tough times.
The main problem has been money Dubbo council says it is owed for passenger and airport usage fees. JetGo says the council had agreed to waive these for the first year of Dubbo operations and give a discount for the second.
This has not been resolved so Dubbo took the heavy option, applying to liquidate the company to recover the money.
What happens now?
McLeod Partners, based in Brisbane, are experienced administrators, liquidators and corporate restructure specialists.
They will take hold of the company and see whether it can trade out of trouble, or whether the only way to satisfy liabilities is to wind it up and sell assets to satisfy debts.
How many flights have been cancelled to and from the Illawarra?
This Friday JetGo was scheduled to fly from Albion Park to Melbourne at 7am and 3.40pm. These were followed by return trips in the late afternoon.
JetGo flew from Albion Park to Brisbane each day at 11am with a return flight arriving about 3pm.