Eos to raise $50m
19.04.08
In the face of tight credit markets and an economic environment that has led to several industry failures, Stansted Airport base all business class carrier Eos Airlines announced today that it has agreed to a term sheet outlining the terms on which it will raise an additional $50 million in capital from a current investor.
The airline said in a statement that the transaction, which is scheduled to close May 1, 'underscores confidence in Eos' proven business model built around an entirely new class of air travel'.
Jack Williams, Eos President and CEO, added: ‘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. Now we have a term sheet with a current investor for the financing needed to take us to corporate profitability in 2009.‘
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