Eclipse - Chap 11 Bankruptcy

414Flyer

Down with Chemtrails!
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They just filed today. from avweb

"Eclipse Aviation filed for Chapter 11 bankruptcy protection today and it appears ETIRC, the company controlled by current CEO Roel Pieper, is moving to consolidate its hold on the troubled planemaker. According to a news release from Eclipse, the company is "seeking court approval for debtor-in-possession (DIP) financing and procedures for the sale of substantially all of its assets under Section 363 of the U.S. Bankruptcy Code." At the same time it announced it has a buyer for the assets, described as "an affiliate of ETIRC Aviation S.a.r.l., Luxembourg" and that the deal is subject to "higher offers." According to court documents filed by Eclipse in support of the petition, the company owes investors about $577 million and has racked up about $135 million in debt to vendors and suppliers."
 

NW_Pilot

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Maybe they should ask the goverment for some corporate welfare (Bailout) hahahaah... Wait they are not a bank!!!
 

erj-145mech

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Aug 13, 2002
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For everybody that owns one, their warranties just flew out the window.
And a new AD note just hit on the EA-500's today as well.
You aught to be able to buy one cheap in a few days or weeks now.
 

avbug

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Not yet...

Once more...

From AIN:

[FONT=Verdana, Arial, Helvetica, sans-serif]Eclipse Plan Approved, Factory Doors Still Open[/FONT][FONT=Verdana, Arial, Helvetica, sans-serif]
[/FONT]
[FONT=Verdana, Arial, Helvetica, sans-serif]Just one day after filing Chapter 11 bankruptcy last Tuesday, a group of investors, including European distributor Etirc Aviation, received court approval to provide interim financing to keep the very light jet manufacturer open and its 954 employees working. The financing is intended to ensure Eclipse Aviation is a viable entity when its assets go up for public auction next month. Etirc Aviation chairman Roel Pieper, also chairman of Eclipse, believes his group is well positioned to purchase Eclipse Aviation and he doesn’t expect any of the major manufacturers to bid. The bankruptcy option was unavoidable, he said. “We came to the conclusion that the belief in the product is there, the market opportunity is there, but the financial burden…was just too much.” Amid efforts to secure more funds, he said, “The market just crashed right in front of us.” Although the bankruptcy filing negates existing contracts with deposit-holders, refund requestors, suppliers and current customers under warranty, Pieper said Eclipse must work with all stakeholders. “We will clearly honor and be fair to the customers in the best way possible,” he said, “and we’re going to be very fair to the suppliers. We have to find a way to go forward together.[/FONT]
 
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