Situation Taking Bad Turn For The Worse

Just as we were finishing off the latest update on the sad story surrounding personal jet developer Safire Aircraft Company, word started filtering in that the situation had gone from bad to worse.

Late word has reached ANN that the promised financing package has fallen through and that Safire is preparing to close its doors while it searches for a critical fiscal transfusion. Employees were notified Wednesday morning of the problems they faced, and that Safire's current situation did not hold a specific promise of meeting their immediate obligations to their staff.

A short call (early Wednesday) with President and CEO Camilo Salomon, confirmed that the immediate promise of future financing was in "big trouble," though other inside sources insisted that the program has completely fallen through. A more recent call with Salomon implies that the current difficulties are "temporary."

"We have had to undertake a temporary suspension of operations," confirmed Salomon. He stressed that "this is NOT a layoff, this is not a bankruptcy... I'm doubly positive that that I can close on the (new financing package) on the 17th."

In the meantime; a small staff, just a few of the 105 formerly involved in the project, remains to work with suppliers and to answer to position holders while Salomon struggles to complete their funding needs.

The Company's six place twin-turbofan-powered Safire Jet, priced at $1.395 million, was originally scheduled to make its first flight later this year, with deliveries beginning in 2006.

FMI: www.safireaircraft.com