The unprecedented downturn in business aviation is starting to claim major casualties, but there are signs the market may be stabilizing after a frenzy of delivery defaults and order cancellations driven by the global economic crisis. A 59% drop in business aviation revenues—coupled with layoff costs and tax payments—has pushed Embraer into the red for the first time in years, with a first-quarter net loss of $23.4 million. The company delivered only two mid-size Legacy 600s, down from ...

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