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XOJet Unaffected by Lehman Bros.

Whale Rider

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Enjoy.......:beer:

XOJet Allays Fears Following Lehman Bros. Fallout
By Jennifer Harrington
September 18, 2008
Charter and Fractional


Lehman Brothers’ bankruptcy filing will have no impact on XOJet’s international expansion plans, according to the San Carlos, Calif.-based charter operator. XOJet announced last year that it had secured $220 million in aircraft leasing finance from the New York-based investment banking firm, along with an additional $143 million in equity financing from Lehman Brothers and TPG Growth.

At the same time, the company announced the acquisition of 30 Cessna Citation Xs and 80 Bombardier Challenger 300s, with a combined value of $2.5 billion. “The Lehman Brothers bankruptcy will have no material impact on XOJet’s business,” an XOJet spokesman told AIN.

“XOJet will proceed with taking delivery of its Challenger 300 fleet, beginning October 2 as planned. Lehman’s board of directors on Sunday voted to file for protection under the provisions of Chapter 11 of the U.S. bankruptcy code.

In papers filed with the U.S. Bankruptcy Court, Southern District of New York, the company listed more than 100,000 creditors, more than $1 billion in assets and more than $1 billion in liabilities. On Tuesday, Barclays announced plans to acquire Lehman Brothers’ North American investment banking and capital markets operations and supporting infrastructure.

http://www.ainonline.com/news/singl...t-allays-fears-following-lehman-bros-fallout/
 
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Willy21

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Good for you guys. The last thing we need now is another good company having to slow down and either not hire or put people on the streets.
 

flyzimex

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I guess that answers the question I asked last week. Thanks WR. Good news..
 

Whale Rider

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:beer:
 

dashtrasher

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I don't buy it. The guy in the quote didn't really say much other then they are taking delivery of the first 300 next week. What about the rest will OX be able to take the remaining deliveries on time. Just because you have 1 doesn't mean you have finanacing inline for the rest.
 

Geronimo4497

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ALL of us are going to be hurt by this mess. Don't kid yourselves.
 

t-bone

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ALL of us are going to be hurt by this mess. Don't kid yourselves.

Nowhere does it say that we won't be affected by this economic mess. I agree, we ALL will be hurt by it, and anyone saying otherwise is simply being naive. What this press release does say, indirectly, is that due to other sources of financing that we have secured, the bankruptcy filing of Lehman Brothers will not have an impact on our expansion.

FWIW, we have accelerated the delivery schedule of our 300s. We should have 10 on the property by the end of June '09. I believe the original number was 7.
 

RNObased

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However some of the people who ride you probably are, as are some people who fly on NJA, Flex, Avatair and Options. XO probably escaped direct damage, but all of us are going to feel something from this.

Make no mistakes folks this is a mess like few have seen. It makes me shake my head in wonder as to what became of our great country.
 

dashtrasher

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FWIW, we have accelerated the delivery schedule of our 300s. We should have 10 on the property by the end of June '09. I believe the original number was 7.[/quote]


I hope for your concern that, that is true. But, you haven't accelerated anything until the planes are on the property.

Just a question, what is the # you should have by the end of the year and has that number changed since the original announcement?
 

cherry20's

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3 by the end of this year, 20 by the end of next year is the numbers that I still hear... We are just going to be getting them quicker at the begining of next year, as far as I know.
 
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