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Porter close to completing financing; reconsidering IPO

1-Jul-2010 2:06 PM

Porter Aviation CEO, Robert Deluce, stated the carrier is close to completing another form of financing, after the regional carrier cancelled its planned IPO last month, due to volatility in the market (Reuters, 30-Jun-2010). Mr Deluce added the carrier would consider plans to launch an IPO later in 2010 if conditions improved.

Porter Aviation: "We thought it would be appropriate to do it in June, and the market wasn't really suitable. So we went back to the drawing board and we're now in the midst of sort of finalising another form of financing, which will allow us to move forward with the growth and development," Robert Deluce, CEO. Source: Reuters, 30-Jun-2010.

Porter Aviation: "Porter's balance sheet is in pretty good shape, and the fact of the matter is, there is debt financing, there is aircraft financing, there is lease financing, so there are lots of options,. And, of course, we can look at another round, if we want, of the existing partners adding some equity to the balance sheet if needed," Conald Carty, Chairman. Source: Reuters, 30-Jun-2010.