DayJet can't get pilots???

[dime line]

What will they be using for aircraft next year?

I have No clue what you mean?

 

[x402]

I have No clue what you mean?

Eclipse Targets Customers for Fundraising
Eclipse Aviation president and CEO Vern Raburn told customers in a letter sent Tuesday that the company has missed its high-rate production goals and as a consequence “our need for capital has increased.” Eclipse is asking existing customers to help raise about $30 million in short-term funding by each putting up a $625,000 deposit in exchange for a fixed aircraft price of $1.25 million. Alternatively, new customers backing an order today with a 60-percent deposit ($840,000) can lock in their purchase price at $1.4 million. The offer ends December 14 and the funds will be placed in an escrow account until the balance reaches $30 million. If the revenue falls short of that figure, Eclipse says it will rescind the offer and return the $625,000/$840,000 deposits to customers. Teal Group aviation analyst Richard Aboulafia told AIN that asking for money from customers looks “desperate,” but an Eclipse spokesman said the idea came from customers as a way to raise funding without diluting the company’s value. Eclipse said it will need additional funding beyond the $30 million from customers, but the spokesman added that the company is able to meet payroll and supplier payments in the meantime.


Classic Ponzi scheme, usually just before a company goes TU.

 

[gunfyter]

Just waiting for Doctor McCoy to tell Captain Kirk:

..."He's Dead, Jim"
​

 

[TWA]

I think Eclipse is producing 1 aircraft per day, so they are pumping them out. The good news is since they have a good production line, there is a chance the company will be purchased from bankruptcy as a whole and production continue unaffected through the sale process. The bad news is the new owner may not honer previous orders, as they have would receive no deposit capital for them, and would end up selling aircraft at nearly half price.

I hope all theories of looming bankruptcy are wrong. I was in Oshkosh the day the Eclipse 500 received it's certificate, and they are a great group of people.

 

[Guitar Guy]

I think Eclipse is producing 1 aircraft per day, so they are pumping them out.

It doesn't sound like that's the case, according to this article dated October 8, 2007: http://www.aviationweek.com/aw/gene...?channel=businessweekly&id=news/RATE10087.xml

Note these quotes from the article:

Nearing the end of September, Raburn said the company had received FAA Certificates of Airworthiness for 50 Eclipse 500s. "I'm fairly confident that we've turned the corner," Raburn said, adding "we think we're going to prove that over the next couple quarters."

The Albuquerque, N.M. manufacturer won FAA type certification for the Eclipse 500 a year ago (BA, Oct. 9, 2006/160), but has struggled mightily to get production rates high enough to match the company's ambitious business plan or make a dent in a backlog of orders for more than 2,600 aircraft.

While they may be turning a corner on production, they haven't produced a lot of planes this year.

 

[TWA]

This is what I saw on avweb about a month ago. I know it's not the best article for eclipse, but it talks a little about their production.

The 100 to 150 employees recently laid off by Eclipse, almost all serving in positions necessary to begin production, were mostly temporary employees and only a handful of "direct" employees were affected, according to Eclipse spokesman Andrew Broom. The staff reduction amounts to roughly 10 percent of Eclipse's near-1,500 person workforce that is currently churning out about one aircraft each day, a local NBC affiliate reported.
Speaking for Albuquerque, which offered Eclipse incentives to set up shop and bring jobs to the area and holds Eclipse as an example of the city's high-tech industry, Mayor Martin Chavez told NBC, "They are contractors and it's what they do for a living." He added, "The job base in Albuquerque is really rich right now, so they'll be fine." Eclipse had initially hoped to have production levels up to two jets per day by now. Certain developmental and certification issues have caused delays.

 

[Guitar Guy]

It will be interesting to see what production and delivery stats are like at the end of the year and throughout 2008. No doubt that Eclipse is facing a lot of hurdles.

 

[Bugsmasher Plus]

It will be interesting to see what production and delivery stats are like at the end of the year and throughout 2008. No doubt that Eclipse is facing a lot of hurdles.

They'll figure it out, too much money at stake not to. POGO has dropped the original idea of using the Adams and has chosen the Eclipse also.

 

[gunfyter]

I hate to see this work... by paying pilots (with the qualifications demanded) only $50K to fly a jet ... as PIC!

 

[Headfake14]

Attention fellow Riddle rats...

Hey, that article mentioned the spokesperson as "Andrew Broom"....any of you guys know if this was a guy from Riddle back around 1998ish. He would've been in the career/co-op intern office.