Dave Higdon/WICHITA
VisionAire's stalled Vantage development programme will resume in six to eight weeks' time - if the company can raise the funds to begin work on a new prototype of the single-engined business jet, according to chairman Jim Rice.
VisionAire reviewed the Vantage design late last year, following problems uncovered in testing of the proof-of-concept aircraft. Work was suspended on the original programme and 100 of the company's 150 staff were laid off.
Rice hopes to certificate the new Vantage in about 30 months from go-ahead, with first deliveries about six months later, in September 2002.
The programme is projected to cost about $200 million. "We've raised about $60 million from our investors and we need another $140 million to see the programme through to certification and production, plus another $13 million in reserve," Rice says.
"We have an initiative under way that will raise about $90 million through equity investments. The balance will be acquired as debt financing through a bridge loan to gear up production of the first nine aircraft," he adds.
Rice expects to raise about $15 million in new capital through his own efforts, and has retained Tampa-based Tunstall Consulting to raise $75 million.
Company sources claim that costs incurred to date are approaching $80 million, with many vendors awaiting payment for work done. Rice expects to convert some of these vendors into "strategic partners" with a risk share of the programme.
Changes include reducing wing forward sweep by 4º, to 6º; increasing wing area by 4%; changing engine thrust line to improve performance and increase luggage compartment space; adding external luggage-compartment access; moving the main gear mounting from fuselage to wing; increasing gear track by about 33% to reduce the tip-over risk; and stretching and relocating the engine inlets to improve airflow and reduce drag (Flight International, 23-29 June).
These changes result in an increase in gross weight to 3,720kg (8,200lb), but little change to the 350kt (650km/h) cruise speed, 1,660km (900nm) range, or ability to operate from runways as short as 760m (2,500ft) with six people on board, says VisionAire's new vice-president of engineering Joe Furnish. The Vantage order backlog stands at just over 140.
Source: Flight International
