Start-up fractional Jet Republic topples | Aviation International News

Charter & Fractional

Start-up fractional Jet Republic topples

Jet Republic, which last year announced a plan to buy up to 110 Bombardier Learjet 60XRs and launc

By Matt Thurber • Editor-in-Chief

August 25, 2009

Jet Republic, which last year announced a plan to buy up to 110 Bombardier Learjet 60XRs and
launch a fractional-share business in Europe, has suspended operations at its Portugal subsidiary. As a consequence, Bombardier “terminated its firm and conditional order purchase agreement with Jet Republic.” The company’s first Learjet 60XR was to have been delivered in October. The move by Bombardier, announced on August 20, cuts its backlog by 25 Learjet 60XRs worth $340 million (the other 85 aircraft in the Jet Republic order were options).

“Jet Republic’s Portuguese subsidiary has suspended its activities,” said a Jet Republic spokesman. The group is therefore preserving its remaining financial resources and will be reviewing its options.” Jet Republic’s holding company remains operational, he added, “and will work closely with our shareholders to ensure that the interests of our existing clients, employees and suppliers are protected to the best of our ability.”

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