Thu, Jun 10, 2004
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.
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