Air Partner Closes Aircraft Operating Division

UK-based charter broker Air Partner has closed its aircraft operating division-Private Jet Operating Company-in an effort to stop mounting losses. The division was put into administration (similar to U.S. Chapter 11 bankruptcy) after it failed to find a joint-venture partner or buyer. For the six months ending January 31, Air Partner reported a company-wide loss of £1.2 million ($1.8 million), which includes losses at the aircraft operating division. Air Partner formed that division in October 2006 when it acquired air charter operator Gold Air. The move was designed to allow the company to deliver guaranteed capacity for charters at a time when demand was growing rapidly, but such demand evaporated in the current economy.