Eclipse Aviation Corp. Files Chapter 11 Petition

Eclipse Aviation Corporation and its affiliate, Eclipse IRB Sunport, LLC, filed chapter 11 bankruptcy petitions today in the United States Bankruptcy Court for the District of Delaware.  Eclipse, which was founded in 1998, developed and manufactures the Eclipse 500, a six-passenger twin-turbofan jet aircraft that falls within the class known as Very Light Jets (or VLJs).  The company’s headquarters and manufacturing facilities are located in Albuquerque, New Mexico.  The company’s chapter 11 filing is intended to facilitate an orderly sale of the company’s assets.  Its majority shareholder is acting as a stalking horse bidder.

Facts about Eclipse Aviation Corporation:

• Assets: $100-$500 million
• Liabilities: More than $1 billion
• Employees: 945
• Counsel: Alley & Overy LLP and Young Conaway Stargatt & Taylor LLP
• Majority Shareholder: ETIRC Aviation s.a.r.l. (64.6%)

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