Posts Tagged ‘loan’

Diamond Aircraft denied loan

Tuesday, May 17th, 2011

Diamond Aircraft was notified May 17 that it will not get the $35 million loan ($36 million U.S.) that was characterized by the company as critical for the future of the D-Jet and the future of the company. The company laid off half its workers while waiting on news about the loan. The company says it has “other doors” to try where funding might be available–even in a recession. One of those is the China option (maybe a purchase?), where Diamond has a plant. Workers previously laid off will continue to be picked off by other aerospace companies while top officials look for ways to fund the jet program. Hopefully one of the doors Diamond is knocking on will open soon.