VisionAire has suffered a further setback in the development of its Vantage single-engine business jet. A group of five creditors, including former VisionAire board members Fred Miller and Lee Livingstone, have filed a petition to force Chapter 7 involuntary liquidation of the company.
Despite the petition VisionAire is hopeful of securing the remaining $120 million investment needed to fund the all-composite business jet through certification and first deliveries. The Chesterfield, Missouri-based company is now in talks with a European investment syndicate to provide financing which include short-term "bridge" financing and longer-term funds.
VisionAire chairman Jim Rice admits funding discussions have been "complicated" by the Chapter 7 filing. "We are certainly disappointed," he says, "but it has not derailed our current talks and may actually accelerate commitments for additional funds."
Rice concedes the company has operated under challenging conditions since its inception, "but we have consistently found the means to continue".
Source: Flight International