D-Jet Suspension, Layoffs at Diamond Aircraft Are Result of Failed Medrar Acquisition

 - February 28, 2013, 2:40 PM

Medrar Financial Group never finalized the deal to acquire Diamond Aircraft, leading to the funding shortfall that resulted in layoffs and suspension of the D-Jet program on Monday, Diamond president and CEO Peter Mauer told AIN. “Medrar signed agreements with us in November 2011 to acquire a majority interest in the D-Jet and Canadian operations. We expected the transaction to take several months, but it dragged on beyond that,” he said. “The actual funding never materialized, and the transaction did not occur as a result.”