Etirc Insolvency Signals End of Eclipse Europe Era

AINalerts » April 23, 2009
April 23, 2009, 12:55 PM

Roel Pieper’s European Technology and Investment Research Center (Etirc) has filed for bankruptcy, ending Etirc Aviation’s once-lofty plans to distribute Eclipse 500s in Europe and Russia and build an Eclipse assembly plant in Russia. Etirc announced plans to become an Eclipse distributor and help companies operate air-taxi networks two years ago. Last year, Etirc founder Roel Pieper deepened his relationship with Eclipse, investing $150 million in the very light jet manufacturer and joining the board of directors as chairman. Last July Pieper became acting CEO after founder Vern Raburn was forced to leave Eclipse. Pieper made an effort to buy Eclipse after it filed for Chapter 11 bankruptcy last November, but that effort failed and Eclipse was placed into Chapter 7 (liquidation) bankruptcy on February 24. Since then various entities have launched efforts to buy Eclipse’s assets, one of which includes Pieper on its board. As part of the insolvency process, Etirc’s assets will be sold to pay taxes and creditors.

Share this...

Please Register

In order to leave comments you will now need to be a registered user. This change in policy is to protect our site from an increased number of spam comments. Additionally, in the near future you will be able to better manage your AIN subscriptions via this registration system. If you already have an account, click here to log in. Otherwise, click here to register.