September 2008 Suspension of Operations
The company announced the following news on 19 September 2008:
| “ | DayJet Services, LLC, the world’s first operator of “Per-Seat, On-Demand” jet service, today announced that it has ceased jet services, pending further notice. The company today eliminated most employee positions. With the discontinuation of jet services and cancellation of all flights, DayJet is unable to honor any customer reservations. | ” |
The company indicated that given the current economic climate in the USA it is unlikely that flying operations will be resumed.
The company also announced a change in management on 19 September 2008, stating:
| “ | Iacobucci has stepped down as DayJet President and CEO but continues to serve as Chairman of the Board of Directors. John Staten has been named interim CEO with responsibility for managing the affairs of the company during the next phase of operations. Staten has served as DayJet CFO and Senior Vice President of Operations for the past six years. | ” |
In November 2008 Iacobucci indicated that he was still attempting to raise capital to restart the company and that it would be a smaller, scaled back operation. He also stated at that time that there were a number of problems that caused the company to cease operations, but that the key issue was the credit crisis.
In analyzing DayJet's situation Iacobucci said that problems with Eclipse had contributed, but that the Eclipse 500 was the best choice for DayJet when it was starting up due to its purchase price and projected maintenance costs. Using the Eclipse 500 also permitted DayJet to start with a single aircraft type for the whole fleet. Iacobucci indicated in November 2008 that he was still pursuing investors, but would not be committing more of his own money, having already invested US$20 million.
Iacobucci did not place blame for the company's problems on the choice of the Eclipse 500, saying, "It’s not the flippin’ airplane".
Read more about this topic: Day Jet
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