Eclipse Aerospace in Final Push for Eclipse Assets

AINalerts » August 4, 2009
August 4, 2009, 1:49 PM

The trustee in the Chapter 7 bankruptcy proceedings for Eclipse Aviation late last week asked the bankruptcy court to approve the sale of the former very light jet manufacturer’s assets essentially “free and clear of liens, claims, encumbrances and other interests pursuant to the Agreement [with Eclipse Aerospace].” If all goes smoothly and no other bidders emerge, in a few weeks Eclipse Aerospace will close on a $40 million deal to buy the assets of Eclipse. Eclipse Aerospace is headed by president Mason Holland, an Eclipse 500 deposit-holder, and Mike Press, owner of Eclipse 500 S/N 004 and president and CEO of Single Pilot Jet Management. Holland signed the asset purchase agreement on July 31. Eclipse Aerospace’s goals include resuming parts supplies; offering modifications at Eclipse headquarters in Albuquerque and at a new service center in Chicago; launching a refurbishment and resale program for used Eclipse 500s; and continuing “our study on the viability of restoring production of the EA-500.” Another group–the Eclipse Owners Group–had planned to bid on the Eclipse assets but decided that a bidding contest would be counterproductive and plans to return funds to members and dissolve once Eclipse Aerospace has successfully concluded the purchase.

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