» Banks Bail Out on Orders for Dassault Falcon 7x

Banks Bail Out on Orders for Dassault Falcon 7x

By Christina Bohnstengel

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Another order bites the dust. In addition to Citibank turning down the three corporate jets they ordered from French maker, Dassault Aviation, it came to light this week that the Royal Bank of Scotland has also canceled their order for the Dassault Falcon 7X.

RBS placed the order for the $50 million business jet five years ago, under a much different economic climate. Late last fall, the bank bailed out accepting delivery of the new luxury plane when the government took close to 70% ownership after RBS reported record-number corporate losses. Even though RBS was required to put down a 10 percent deposit on their jet order, they were able to finagle their way out of the financial obligation by selling the order to another company.

The Falcon 7x is considered a state-of-the-art luxury model that can fly close to 6,000 nonstop nautical miles. The numbers are down for Dassault this year. They reported orders for 212 Falcons in 2007, but only 115 in 2008.

Via Sky News

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