ALBUQUERQUE, NM -- Eclipse Aviation announces that Judge Mary Walrath of the United States Bankruptcy Court for the District of Delaware approved the sale of its assets for a combination of cash, equity and debt under Section 363 of the United States Bankruptcy Code to EclipseJet Aviation International Inc., pending administrative closure on several remaining items.
EclipseJet's bid of $28 million in cash, plus promissory notes and equity for the assets of Eclipse Aviation was verbally approved by the judge. Eclipse and EclipseJet will begin working toward the prompt closing of the final sales transaction. In the meantime, Eclipse expects to continue its current operations through the closing date.
EclipseJet is an affiliate of ETIRC Aviation, Eclipse's largest shareholder, and a principal driver of the very light jet (VLJ) industry in Europe. ETIRC Aviation's Chairman, Roel Pieper, became the acting CEO of Eclipse in July 2008 and has served as Eclipse's Chairman since January 2008.
On Nov. 25, 2008, Eclipse Aviation filed for Chapter 11 protection in the United States Bankruptcy Court for the District of Delaware. Since then, Eclipse has continued operations with debtor-in-possession (DIP) financing. The sale enables the Eclipse 500 Jet to further solidify its position as the global standard for VLJs.