No Public Auction For Eclipse Assets | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Most Recent Daily Episodes

Episode Date

Airborne-Monday

Airborne-Tuesday

Airborne-Wednesday Airborne-Thursday

Airborne-Friday

Airborne On YouTube

Airborne-Unlimited-07.07.25

Airborne-NextGen-07.08.25

AirborneUnlimited-07.09.25

Airborne-FlightTraining-07.10.25

AirborneUnlimited-07.11.25

Wed, Jan 14, 2009

No Public Auction For Eclipse Assets

Interested Parties Walked Away, Source Says

Well, so much for that. Eclipse Aviation will not go up for public auction Wednesday, after the company failed to attract a single qualified bidder for the troubled planemaker's assets.

Citing statements from Dan Guyder, a partner with Eclipse's law firm, the Associated Press reports the Tuesday deadline for bids to be submitted and approved passed with little apparent fanfare. Eclipse consulted with two commitees made up of both secured and unsecured creditors to determine there were no qualified bids for the company.

A close source to the talks tells ANN no fewer than four entities considered bidding on the Eclipse assets, including at least one established business aircraft manufacturer... but in the end, each of those parties opted to walk away from the situation.

That clears the way for Luxembourg-based ETIRC Aviation, the largest shareholder in Eclipse, to continue its plan to buy the company through an affiliate. The AP states EclipseJet Aviation International intends to pay $28 million in cash for the company.

Part of that plan includes the issuance of $160 million in new notes, and offering 15 percent equity in the new company to current secured note holders.

As ANN reported, Eclipse filed for Chapter 11 protection November 25 in US Bankruptcy Court in Delaware. That announcement followed months of turmoil for the inaugural very-light jet manufacturer, including the ousting of company founder Vern Raburn as CEO, employee layoffs and a well-publicized, pre-Thanksgiving delay in paying those employees that still remained.

For the moment, Eclipse's production facilities in Albuquerque, NM remain in operation, propped up by post-petition, debtor-in-possession (DIP) financing.

FMI: www.eclipseaviation.com

Advertisement

More News

Aero-News: Quote of the Day (07.11.25)

“Honored to accept this mission. Time to take over space. Let’s launch.” Source: SecTrans Sean Duffy commenting after President Donald Trump appointed U.S. Secret>[...]

ANN's Daily Aero-Term (07.11.25): Permanent Echo

Permanent Echo Radar signals reflected from fixed objects on the earth's surface; e.g., buildings, towers, terrain. Permanent echoes are distinguished from “ground clutter&rd>[...]

ANN's Daily Aero-Linx (07.11.25)

Aero Linx: European Hang Gliding and Paragliding Union (EHPU) The general aim of the EHPU is to promote and protect hang gliding and paragliding in Europe. In order to achieve this>[...]

NTSB Final Report: Schweizer SGS 2-33A

Glider Encountered A Loss Of Lift And There Was Not Sufficient Altitude To Reach The Airport Analysis: The flight instructor reported that while turning final, the glider encounter>[...]

NTSB Prelim: Aeronca 7AC

Airplane Climbed To 100 Ft Above Ground Level, At Which Time The Airplane Experienced A Total Loss Of Engine Power On May 24, 2025, at 1300 eastern daylight time, an Aeronca 7AC, N>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2025 Web Development & Design by Pauli Systems, LC