Diamond D-Jet Returns to the Sky

 - September 13, 2011, 10:58 AM
Diamond D-Jet Returns to the Sky

Diamond Aircraft has secured an agreement for a fresh capital infusion that allowed the restart of its D-Jet program and restored the test aircraft to flight status. The Austrian-based aircraft manufacturer had suspended the single-engine jet program in March and laid off almost all employees working on the D-Jet at its London, Ontario facility after failing to obtain a new $36 million development loan from the Canadian government. In 2008, Canada loaned Diamond $20 million for the program. Obtaining the latest government loan was tied to receiving additional private-sector loans needed to get the program through certification. Diamond president Peter Maurer told AIN today that the new financing package “is in the process of being closed and, while it allows us to proceed again, additional funds will be required to complete the program, and this is being sought in conjunction with our new investors.”