Flight Options Completes Recapitalization Agreement with Investors

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Flight Options LLC announced that it has completed a financial recapitalization agreement with Raytheon Company's wholly owned subsidiary, Raytheon Travel Air, and other investors. The result of this agreement will result in Raytheon owning approximately 65-percent interest in the Cleveland-based fractional operator. Under the agreement's terms, Raytheon exchanged certain Flight Options LLC debt it holds for equity. Raytheon also has committed to invest certain additional capital on an as-needed basis over the next 18 months in Flight Options LLC and provide secured aircraft and retail financing over the next three years. The other investors involved in this agreement include Brantley Partners, Brantley Capital and Monitor Clipper Equity Partners.