Rumors that other bidders will try to assume control of Eclipse Aviation will either be verified or put to rest Jan. 14 when a Maryland bankruptcy court holds an auction for the assets of the company. Eclipse filed for Chapter 11 protection on Nov. 25 and a Luxembourg subsidiary of ETIRC Aviation, which is headed by Eclipse's Chairman of the Board Roel Pieper, has let it be known it wants to buy the company for $198 million. According to an Associated Press Report carried by Business Week, other potential suitors will have until Jan. 13 to get their bids in.
Eclipse had asked the auction to be set a week earlier but court scheduling problems led to the delay. Although ETIRC has been the only publicly declared bidder to date, there have been persistent rumors that at least one other bid is in the offing. Court documents indicate the company had more than $1 billion in liabilities when it filed for bankruptcy.