EFFORTS TO BAIL OUT Solitair, the Swedish aircraft lessor, have run into further setbacks, with its planned rescuer, Vestar Capital, pulling out from underwriting the troubled company's share issue.
Vestar had agreed to buy a 25% share of Solitair from GPA and to underwrite the company's rights issue. The investment group has withdrawn from the deal, however, saying that it is unable to meet conditions set by Solitair's main creditor, Sparbanken.
Sparbanken had in turn agreed to provide a SKr1.1 billion ($150 million) five-year loan to Solitair, but on the condition that shareholders injected SKr175 million in new capital.
The bank has extended interim financing until the end of August, but warns that, if no new cash is raised, it will take control, with a view to finding a buyer or liquidating the company.
Source: Flight International