Jet Republic collapses

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European fractional ownership start-up Jet Republic has collapsed following a decision by company shareholders yesterday to withdraw funding. Lisbon, Portugal-based Jet Republic was launched in September 2008 on the back of a record order for 110 Bombardier Learjet 60XRs valued at $1.5 billion.

The first mid-size aircraft was scheduled for delivery in October.  A formal statement is expected to be issued by the company later today.

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