June 15, 2011
By Dan Namowitz
Diamond Aircraft, turned down by the Canadian government in May for a $35 million loan deemed critical to its D-Jet program, has received “a significant investment” dedicated exclusively to the jet’s development, the company said.
In a news release posted on the company website, Diamond said the financing marked a turning point for the firm. No details of the financing were disclosed.
“This investment will enable Diamond to recall furloughed engineering and technical staff, resume flight test operations and proceed towards building the next test aircraft, subject to finalization of closing arrangements,” said the announcement. The company’s Austrian operations, having completed several other piston-aircraft development programs, would now dedicate engineering and technical resources to the D-Jet program as well.
AOPA reported May 18 that the newly elected Canadian government turned down Diamond’s request for the $35 million ($36 million U.S.) loan necessary to keep the D-Jet program moving.
It was a severe blow because the loan was a necessary condition for Diamond’s securing other funding, and put off recalling laid-off workers, said Diamond President Peter Maurer.
At the time Maurer said that discussions connected with the company’s interests in China might represent a possible alternate funding source.
Dan Namowitz is an aviation writer and flight instructor.
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