Aircraft - Friday, May 9, 2008
Zeppelins Coming to Bay Area! Zeppelin Ventures Funded
Oh man are we pumped up on this one. Back in June, we reported that Zeppelin Ventures' founders were looking for investors to put in around $12M. They wanted to import a Zeppelin from Germany for use as a tourist trip that would embark from Moffet field and cruise to Napa and back. The plan was to launch the service in 2008. The crew was speaking at Esther Dyson's conference in Aspen on space travel. Today, Zeppelin Ventures announced that they have closed a first round at $8M from from six individual investors including Dyson. This still plan to launch this year, sometime in the fall. They have indeed set up shop in Moffett Field in a partnership with NASA and are taking advantage of the enormous Hangar 2, built in 1942 to house Navy blimps, and which looms over Highway 101. You still can't buy a ticket to fly but if you are a Zeppelin pilot you can apply for a job. Our own tour of Coney Island View - site... Continue...
Aircraft - Thursday, February 21, 2008
Adam Aircraft = The New Spruce Goose
Some New York bankers just had the worst flight of their lives at the hands of Adam Aircraft. Englewood, CO-based Adam Aircraft has raised a $105M credit facility placed by Morgan Stanley, plus it had raised $182M in venture capital funding from Goldman Sachs and others. Today it has filed for Chapter 7 bankruptcy protection. We have covered Adam extensively, including its claims that it had about 400 back-orders for its aircraft which cost about $2.2M each, about half what a typical, comparable jet costs. It accomplished this thanks to new light-weight composite technology. Adam is bringing down a lot of people. The company employed 500 in Colorado and 300 at a manufacturing plant in Ogden, UT. All of its 800 employees will be or have been laid off, and the company's chairman and CEO resigned. Adam Aircraft also lists assets of just $1M - $10M and liabilities of $50M to $10M. Its bankruptcy filing lists more than 800 creditors. What went wrong? It seems that Adam was too aggressive in its burn rate, counting on more access to capital. Given that it relied on an incomplete certification process with the Federal Aviation Administration that company clearly should not... Continue...
Aircraft - Wednesday, September 26, 2007
XOJet Raises $363M
There can be no doubt that the private jet boom is officially on with several financing deals being announced every week. The latest is San Carlos-based XOJET, which has raised $143M in equity and debt from TPG and Lehman Brothers GPS plus an additional $220M in aircraft lease financing from Lehman Brothers GPS. Founded in 2001, XOJet claims $36M in revenues last year and has a head count of 140. The company charters private jets. Clients can lease a set number of flying hours per year or pay extra to guarantee they'll have a jet whenever they want. XOJet actually has a bit of a software background. The company was founded and is led by Ariba Inc. (ARBA) founder Paul Touw. View - site Read - - announcement... Continue...
More Recent Articles
Another On-Demand Airline - ImagineAir - Wins Funding
Tuesday September 25, 2007
Pre-launch On-Demand Jet Service PogoJet Files $103M IPO
Friday September 14, 2007
Eos Airlines Raises Large Funding Round For NYC-London Route
Wednesday August 22, 2007
Microsatellite Maker AeroAstro Bought For $18M
Friday July 6, 2007
Touristic Zeppelin Startup Trolling For $12M To Launch In Bay Area
Friday June 22, 2007
More Capital For Adam Aircraft
Thursday June 21, 2007
RocketShip Maker XCOR Gains Angel Funding
Friday June 8, 2007
Japan's JetBlue: VC-backed Exec Jet Service Star Flyer Prepares IPO
Tuesday April 10, 2007
Jets On Demand's DayJet Raises $50M For "Tivo of Travel"
Tuesday March 6, 2007
With Private Jet Orders In Hand, Adam Aircraft Looks to Raise $100M In Debt
Monday February 26, 2007
Wheels Up For Adam Aircraft - Doll Capital/Friends Pony Up $92M
Wednesday August 23, 2006
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