AvCraft Aviation, the company which completed the acquisition of the 328JET programme form Fairchild in March, has announced the closing of a major refinancing package with Maple Commercial Finance Group.

Ceo Ben Bartel says the financing was an important milestone for the company as the facility provides it with adequate working capital, as well as the capital necessary to restart production.

He said: “We have four critical objectives that we must meet to realise success on our business model.

“We have to establish a proper capital structure, aggressively seek out and address service issues on the 328JET, recommence aircraft deliveries and restart production of the aircraft.”

Jim Culver, md of Maple Commercial Financing Group, said the AvCraft deal was an ideal fit for the company’s asset-backed financing expertise in non-US asset underwriting.