Businessman Domhnall Slattery, whose executive jet venture Jetbird failed to secure funding in time for a deadline at the end of last year, is promoting a new venture seeking to raise almost $800m (€550m) to set up an aircraft leasing company.
US private equity group Oakhill is in discussions to commit up to $500m in equity to the venture, known as Avolon.
Meanwhile, Swiss bank UBS is looking to raise €690m in revolving credit and €100m in loans to further finance the group.
It is understood the company may go looking for further financing within the next three years, depending on how the business progresses.
Notes to potential investors promise a 'lean operation' with management receiving an 'appropriate' equity interest in Avolon.
Avolon aims to use the money to buy 120 passenger jet aircraft including Boeing 737s and Airbus A320s, exploiting the recession to secure planes at cheaper prices. Mr Slattery will be chief executive of Avalon, which aims to then lease the purchased aircraft to other carriers.
Mr Slattery, a former GPA executive, was due to launch his separate and much heralded Jetbird initiative last April. But the launch had been delayed on a number of occasions since because of difficulties raising additional funds.
Jetbird raised $10m in late 2008, but just before Christmas, the company''s 38 staff including 14 pilots were put on protective notice. A spokesman said this evening said that all but nine of the staff had been let go.
Jetbird was founded in 2006 by Claret Capital, a Dublin-based investment group which Mr Slattery founded and in which the family of Senator Fergal Quinn now has a 25% stake. The company aimed to provide point-to-point air taxi service in Europe.
In addition to his Jetbird interests, Mr Slattery disclosed in a newspaper interview last August that Claret had invested $50m in Barry O'Callaghan's EMPG.
