Advanced Aerodynamics & Structures (AASI) has again delayed certification of its Jetcruzer 500 single-turboprop business aircraft as it finalises arrangements to secure additional working capital.
The Long Beach, California-based company had anticipated certification by the latter part of this year - already a year's slip from original plans. Now AASI projects US approval in the second quarter of next year, leading to first deliveries in the third quarter.
The company says completion of flight and structural tests has been delayed by six months. The aircraft is a development of the Jetcruzer 450, certificated in 1994 but never put into production. The major design change is the pressurised composite fuselage, and a key pressurisation test was only completed in May, after a delay of "three to four months", says AASI president Dr Carl Chen.
A critical maximum cruise speed test has been delayed "two to three months" and is scheduled for October-November, says Chen. After the test is completed, AASI plans to start production of the Jetcruzer, and customers will begin to make 25% progress payments for the $1.395 million aircraft.
As a hedge against further delays, AASI has arranged a $20 million private equity credit line which it can draw on if existing working capital runs out before progress payments begin, Chen says. The company needs the approval of its existing shareholders to issue sufficient shares to cover the entire $20 million, so a special shareholders meeting has been called for 25 September.
The company says it has a backlog of 188 aircraft, valued at $226 million, not including a new letter of intent for 30, plus options for 20 more, from Shanghai-based China Eastern Aviation Educational Training, with deliveries to begin next year.
Source: Flight International
