Raytheon may take control of Flight Options

“No change” is how a Raytheon Co. spokesman described to AIN late last month the information in Raytheon’s third-quarter 2002 financial report to the SEC, which stated that if Cleveland-based fractional operator Flight Options is not successful in attracting additional outside financing, Raytheon “may offer to exchange the Flight Options debt it currently holds for additional equity in the joint venture, whereby the Company [Raytheon] could be responsible for its operations, own a majority of Flight Options and consolidate Flight Options in its financial statements.” Raytheon currently has a 49.9-percent equity share in Flight Options.