Club Airways hits financial roadblock
Club Airways, the members-only service offering business jet flights in Europe, has temporarily scaled back its operations as it scrambles to secure more f

Club Airways, the members-only service offering business jet flights in Europe, has temporarily scaled back its operations as it scrambles to secure more financial backing. The Geneva-based company encountered a $1.4 million (€1.2 million) funding crisis in September when two of its four shareholders reneged on agreements to make additional investments.

But according to chief executive Hans Schwab, two new investors have agreed to provide an additional $2.4 million (€2 million) in capital and a new board of directors was due to be in place before the end of last month. In the meantime, he has rebuffed what he described as a “hostile” takeover bid from operating partner Club328, the UK-based executive charter firm that flies many of Club Airways’ services.

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