BURBANK, Calif., Sept. 18, 2017 /PRNewswire/ — Zetta Jet announced today that on September 15, 2017, Zetta Jet Pte. Ltd and its U.S. subsidiary, Zetta Jet USA, Inc., filed voluntary bankruptcy petitions under Chapter 11 of the U.S. Bankruptcy Code to seek to restructure their debt while continuing normal business operations.
The Company said that the debt restructuring was necessitated by the Company’s recent discovery that its former managing director, Geoffrey Cassidy, had misappropriated funds from the Company and committed other fraudulent activities. As a result, the Company filed a lawsuit in federal court (case number: 2:17-cv-06648) against Cassidy on September 8, 2017.
Following Cassidy’s termination in mid-Aug…
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