Many are wondering what is happening with JetGo after last week’s announcement – fair question!
JetGo has advised that it has entered into Voluntary Administration and has suspended all regular passenger transport services – this includes the Brisbane service from Karratha scheduled for August and that to Singapore for later in the year.
It is our understanding that JetGo has opted to take this route in order to recapitalise and restructure the company and that they are in active discussions with a number of potential investors.
Voluntary Administration is a process usually initiated by a company’s directors when the company is unable to pay debts when they are due. This could be for any number of reasons and is actually quite common in the business community. From here the company is placed in the hands of an independent administrator who assesses all available options to generate the best outcome for the company and any creditors.
Voluntary Administration has three possible outcomes: after assessment the administrator deems the company as solvent and returns it to the management of its directors; the administrator works with the company on a Deed of Company Arrangement that outlines how the company will deal with its creditors (this is most common); or the company enters into liquidation.
At this stage the City is talking with JetGo and their administrators to work out what exactly this means for our services and our best options moving forward. This certainly isn’t the end of the line for our Brisbane and Singapore flight services and we will continue to work toward providing City of Karratha residents with an expanded flight service from Karratha airport.