Eclipse Assets sold to eclipsejet

Aviation International News » February 2009
January 27, 2009, 6:15 AM

Judge Mary Walrath of the U.S. Bankruptcy Court for the District of Delaware on January 20 approved the sale of bankrupt VLJ manufacturer Eclipse Aviation’s assets to EclipseJet Aviation International, an affiliate of Etirc Aviation. No other bidders surfaced. The court approved the sale of Eclipse’s assets for $28 million in cash, $160 million in promissory notes and 15-percent equity to preferred shareholders.
The approval was verbal, and details of the final sale are not yet available. Etirc Aviation is Eclipse’s largest shareholder and is headed by chairman Roel Pieper. Last January, Pieper became chairman of Eclipse’s board of directors, and in July, after the departure of Eclipse founder Vern Raburn, Pieper took over as acting CEO of Eclipse Aviation. A number of Eclipse deposit holders and suppliers filed objections to the sale, but in a response to those objections, EclipseJet International asserted that “it
has acted in absolute good faith, seeking to prevent bankruptcy and, thereafter, attempting to provide the best possible outcome for the company.”

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