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Eos agrees $50m extra funding
US all-business class transatlantic carrier Eos has agreed terms for an additional $50 million in funding from an unnamed exiting investor.
The deal, due to be completed on May 1, comes “in the face of tight credit markets and an economic environment that has led to several industry failures,†the carrier said.
The move follows UK rival Silverjet admitting that it has had talks with potential suitors about a possible takeover and the collapse of MAXjet before Christmas.
Eos said the transaction “underscores confidence in Eos’ proven business model built around an entirely new class of air travelâ€.
The airline’s president Jack Williams said: “When we closed on our last round of financing, we were clear that we would need to raise additional capital.
“Our success – in the face of this extremely challenging economic and credit environment – shows that investors continue to be enthusiastic about our business model.
“At a time when much of the airline industry is mired in misery, we have provided outstanding service and shown an uncompromising commitment to quality.
“Now we have a term sheet with a current investor for the financing needed to take us to corporate profitability in 2009.â€
Eos flies 48-passenger Boeing 757s operating up to 44 flights a week between New York JFK and Stansted.
The airline recently announced new routes between Newark and Stansted and Stansted-Dubai – to compete head-to-head with Silverjet which operates from Luton.
by Phil Davies
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