Private jet operator to launch ‘low-cost’ service

IRISH-owned private executive jet operator JetBird has completed a private placement valuing the company at €101 million.

The placement of €21m of equity capital from various European and American private and institutional investors will allow the Dublin-based firm to finance the beginning of its fleet of aircraft and effectively get its operation off the ground. The company said yesterday that the placement was over-subscribed and included investment from a mix of existing and new investors.

JetBird has orders for 50 Embraer Phenom 100 aircraft — which can carry up to six passengers as well as two crew members — and options for a further 50. The company plans to put in place financing for its first 25 aircraft before the end of this month and said it is on track to officially launch its service, which is aimed at being the lowest cost executive jet taxi service in Europe, by 2009.