Topics: DayJet, Adam

DayJet Secures Additional Financing
DayJet Corporation closed debt facilities totaling $140 million for the acquisition of its fleet of Eclipse 500 very light jets (VLJs). The facilities include senior debt on the aircraft and financing of pre-delivery deposits. Combined with previous rounds of private equity financing, DayJet has raised more than $200 million to date, placing it among the best capitalized pre-operational passenger air carriers in American aviation history. Related Story
“Securing this initial debt facility is a significant milestone for DayJet, as it enables us to continue the uninterrupted growth of the world’s first commercial VLJ fleet,” said Ed Iacobucci, DayJet president and CEO. “This new fleet, in combination with our continued success in recruiting and training a team of exceptional aviation professionals, keeps DayJet on target to launch commercial operations in the coming weeks.”

Adam Names Wolf Chair
As part of its effort to build strong management, Adam Aircraft’s board named John D. Wolf chair and chief executive officer effective immediately. Wolf and President Duncan Koerbel joined the company in February to gain FAA certification for the A700 very light jet (VLJ), scheduled for 2008, and develop “world-class” manufacturing capabilities. Founder and CEO Rick Adam is moving on to other entrepreneurial ventures after nine years at the helm.
Wolf has 39 years of experience in aerospace at Fairchild Aerospace, Teledesic Corporation, and McDonnell Douglas Corporation, while Koerbel's has 24 years of experience in certification and manufacturing. The company said the new leadership helps it move from a start up to what will become one of the country's premier developer and manufacturer of Part 23 aircraft.
Wolf indicated the company is going to move to high rate production of the A500, be ready to accelerate deliveries of Adam's backlog of A700's, and provide comprehensive customer support. The company has an order backlog of $800 million and recently completed a $105 million round of financing including a senior secured credit facility with Morgan Stanley Senior Funding acting as lead arranger.