The Drama Continues...
David Green, Chairman
of the Steering Committee for the Eclipse Owners Group (EOG) has
announced that the EOG has signed a nonbinding Letter of
Intent with Hawker Beechcraft Corporation (HBC). The parties will
now begin negotiations for a definitive binding agreement under
which HBC would provide maintenance upgrades and other aircraft
services to EOG members, consisting of individual Eclipse 500
owners.
"Eclipse owners will benefit greatly by having Hawker Beechcraft
as our service provider," Green said. "HBC's reputation across the
industry and especially among its customers and suppliers is
unsurpassed. This relationship is sure to create tremendous
confidence in Eclipse owners that their planes will be flying for
many years to come."
News of the LOI marks the first significant progress in the sad
case for Eclipse 500 owners, since a flurry of activity weeks ago.
As ANN reported, EAC entered Chapter 11
bankruptcy on November 24, 2008 and converted to Chapter 7 on
February 24 of this year. While at this time there is no formal
deadline for a bid on the EAC Assets, the Chapter 7 Trustee says it
intends to sell the EAC Assets as soon as possible.
Several parties came forward in the days afterward with
proposals to acquire the EAC assets... but
little has been reported about any of those plans since, as
everyone involved waits for word on whether any of the proposals
will be accepted by the trustee. Barring that,
a liquidation auction could occur 'on the courthouse steps,'
as it were, to sell off Eclipse assets.
In the search for a
solution for Eclipse owners, the EOG will negotiate with HBC to
provide the needed maintenance and support services to keep the
Eclipse 500s flying in the event the EOG purchases the assets of
the Eclipse Aviation Corporation (EAC).
HBC will provide services to EOG members through its Global
Customer Service and Support operations.
"Hawker Beechcraft is pleased to offer Eclipse 500 owners the
highest quality service and support in general aviation," said Bill
Brown, HBC President, Global Customer Service and Support. "We look
forward to this new relationship and keeping the Eclipse 500s in
the air."
The EOG will own the Type Certificate and be responsible to the
FAA and other regulatory agencies for the reporting and compliance
required to maintain the Type Certificate. HBC will provide
services and support to the EOG so that the EOG can perform its
regulatory obligations and keep the Eclipse 500s compliant with FAA
and other regulatory rules. In order to support service for the
Eclipse 500s, HBC would provide service in designated HBC service
centers.
The EOG also hopes that at some future time it will be possible
to restart production of the Eclipse 500.
The EOG was formed to protect the assets of EAC necessary for
the support, upgrades, and continued airworthiness of the Eclipse
fleet on the best economic terms possible for current owners of the
Eclipse 500; to evaluate the possibility of, and if appropriate
implement, the purchase of EAC's assets by the EOG or its designee;
and to take actions necessary or appropriate in connection with
purchasing assets of Eclipse, including forming an entity and
negotiating with maintenance and support providers.
The EOG was also formed to evaluate any proposals for the
purchase of EAC's assets by other parties and, if appropriate,
support such proposals if they are in the owner's interests. The
EOG will continue to evaluate proposals presented by third parties
for the purchase of the EAC assets. The EOG has entered into
negotiations with HBC in order to provide a viable and very
attractive alternative if the best purchaser for the EAC assets is
the EOG, itself.
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