Bad breakup: GlobalX Airlines revokes lawsuit vs. Ascent Global Logistics

Charter operator Global Crossing Airlines has dismissed a breach-of-contract lawsuit against Ascent Global Logistics, its one-time largest shareholder, and terminated their exclusive brokerage agreement, ending a saga that contributed to the carrier’s persistent difficulty generating business for its cargo fleet. Miami-based Global Crossing, or GlobalX, sued Ascent Global Logistics on June 4 for $30 million in damages, alleging the former investment partner failed to honor an agreement to steer air cargo business its way and instead assigned charter work to USA Jet Airlines, its expedited on-demand freighter subsidiary with a large roster of automotive clients. Signs quickly emerged that GlobalX ( OTCQB: JETMF ) got cold feet over fighting a larger partner, but an agreement to drop the lawsuit and settle differences wasn’t made official until last week. The companies said they have ended their 2023 exclusive brokerage agreement. GlobalX has also agreed to payment terms for amounts owed to Ascent, according to a joint news release.