JetBird Gets Enough Funding To Fly

AINalerts » December 4, 2007
December 4, 2007, 12:05 PM

JetBird, Europe’s planned new low-cost charter service, has raised €21 million ($31 million) in fresh capital through an oversubscribed private placement of equity to new and existing shareholders. The placement values the company at €101 million ($150 million) as it prepares to receive the first of 50 Embraer Phenom 100 very light jets in time to start operations in April 2009. A JetBird spokesman told AIN that the company, which initially intends to fly primarily between Europe’s main financial centers and holds options for another 50 Phenom 100s, is likely to announce its initial operating bases early next year. The company is promising ad hoc charter rates that will be as much as 50 percent less than “current branded operators.” The equity placement was arranged by Dublin, Ireland-based Claret Capital, which itself has committed to investing up to $60 million in JetBird through 2012. Meanwhile, the company announced the appointment of former Air Berlin CFO Carsten Dettmar as its head of finance starting on February 1.

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