Thu, Aug 13, 2009
A Federal Bankruptcy Judge Sets August 20th For The Sale
A Federal Bankruptcy Judge says the assets of Eclipse Aviation
will be auctioned on August 20th, with the sale likely to go to
Eclipse Aerospace for $40 million.
A Friday deadline has been set for competitive bids to be
submitted for the company. To be considered competitive, a buyer
would have to offer $42 million, $2 million more than Eclipse
Aerospace has on the table.
A report in Airport Business says if they are successful, the
new owners hope to have the Albuquerque facility re-opened by the
end of August. Mason Holland, head of South Carolina based Eclipse
Aerospace, says the company would begin by servicing the existing
fleet of 259 Very Light Jets, and getting slowly back into
production. Holland said he expects the plant will employ a few
hundred workers when production resumes, though he did not set a
timetable for that to happen.
Albuquerque Mayor Martin Chavez told the publication "We have no
indication there's anyone out there looking, although there's the
possibility of foreign interest. Don't say it's over till it's
over, but I think the community has snatched victory from the jaws
of defeat."
Court documents indicate the competitive bid process is part of
the sales agreement. In addition to the higher bid, any competitive
bidder would also be required to place a $5 million deposit to
assume control of the company. Chavez said that's highly unlikely
given the current state of the economy.
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