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Zetta Jet USA requests access to HSBC cash collateral to meet payroll
By Caroline Salls
Pittsburgh, Sept. 20 – Zetta Jet USA, Inc. requested court approval to use the cash collateral of secured lender HSBC, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the Central District of California.
The company said the cash collateral in its HSBC accounts is the only funding available for it to meet payroll.
However, Zetta Jet said HSBC has frozen the accounts in expectation of an offset, meaning that the company will not have access to those funds without the requested court approval.
Zetta Jet is a Burbank, Calif.-based private aviation charter company. The company filed bankruptcy on Sept. 15 under Chapter 11 case number 17-21386.
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