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Flight Options LLC completes financial recapitalization agreement
with its investors
CLEVELAND, OH (June 13, 2003) – Flight Options LLC, a leading
provider of fractional shares in jet aircraft announced today that
it has completed a financial recapitalization agreement with Raytheon
Company’s wholly owned subsidiary, Raytheon Travel Air, and
other investors that results in Raytheon owning approximately 65
percent interest in Flight Options LLC.
As part of the recapitalization agreement, Raytheon exchanged certain
Flight Options LLC debt it holds for equity. Raytheon also has committed
to invest certain additional capital on an as needed basis over
the next eighteen months in Flight Options LLC and provide secured
aircraft and retail financing over the next three years.
“Raytheon is pleased to participate in the recapitalization,”
said Ed Pliner, Raytheon’s chief financial officer. “We
believe this recapitalization will provide Flight Options with the
resources to achieve its business objectives.”
“Raytheon’s investment will allow Flight Options to
grow and continue to exceed our customer’s expectations for
safety, service and value,” said John P. Nahill, chairman
and chief executive officer of Flight Options LLC. “With this
transaction complete, we look forward to introducing new products
and programs for our owners, which will continue our tradition of
bringing innovative and value oriented products to the marketplace.”
Other Flight Options LLC shareholders include Brantley Partners,
Brantley Capital and Monitor Clipper Equity Partners.
Based in Cleveland, Ohio, Flight Options employs over 1,300 professionals
nationwide. Flight Options offers fractional shares in its fleet
of over 200 aircraft, which includes the world’s largest fleets
of King Air’s, Beechjet 400A’s and Hawker 800’s.
The fleet also includes the CitationJet, Citation V, Citation 650,
Falcon 50, Citation X, Challenger 601 and Gulfstream IV. As was
reported in the 2002 ARG/US Fractional Ownership Study, Flight Options
rated first overall in the categories of service, crews and reliability.
For more information contact:
Heather Kula Dynes
Flight Options
26180 Curtiss-Wright Parkway
Cleveland, OH 44143
Telephone 216-261-3500
hdynes@flightoptions.com
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