Alliance Aircraft has changed tack in its search for financial backing and now claims to be considering a proposal from a single main investor rather than talking with a collection of banks and risk-sharing partners.
The fledgling regional jet manufacturer says it is reviewing two different financing options. "One is pretty far along in having been looked at, and if the board agrees to the terms and conditions, financing will be forthcoming," it claims.
Alliance president Earl Robinson claimed in July to have secured $260 million of the $660 million needed to develop the baseline 70-seat Star Liner 200 and 90-seat 300 series.
The company had hoped to raise the balance from finance houses and companies bidding to produce the wing and fuselage, but now says it has "decided not to take that approach but look at one financial source to provide enough money to get us through the first 39 months of development manufacturing and certification".
The funding delay has already caused the programme to slip, and Dover, New Hampshire-based Alliance is now aiming to certificate the lead aircraft in the third quarter of 2003.
Source: Flight International