Eclipse Investor Bankrupt

Aviation International News » May 2009
April 30, 2009, 11:25 AM

Anyone attempting to view information on the Web site of European Technology and Investment Research Center (Etirc) will find what looks like a television test pattern occupying what was formerly a description of a thriving investment business. According to Netherlands newspaper de Volkskrant, Etirc has filed for bankruptcy, signaling a change in fortune for company founder Roel Pieper and his efforts to sell the very light jets in Europe, Russia and CIS countries. Etirc Aviation was the exclusive Eclipse distributor for those countries and had planned to assemble Eclipse 500s in Russia.
Pieper told AIN at last year’s NBAA Convention that he had invested $150 million in Eclipse Aviation. In 2008 he became chairman of the company, then acting CEO when founder Vern Raburn was forced to leave last July. After Eclipse filed for Chapter 11 bankruptcy late last year, Pieper mounted an effort to buy Eclipse Aviation but was unable to raise the money to see the acquisition through. Eclipse’s creditors sought Chapter 7 (liquidation) bankruptcy on February 24, and since then various entities have launched efforts to buy the company’s assets. Pieper sits on the board of one of those acquisition entities.

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