Eclipse Granted Chapter 11: TV Report
An Albuquerque television station is reporting that Eclipse Aviation's application for Chapter 11 bankruptcy protection was approved by a Delaware court on Monday and that there is competition for Roel Pieper's bid to take over the company through a Luxembourg subsidiary of his company, ETIRC. KRQE does not identify the second potential purchaser for the company, which filed for Chapter 11 on Nov. 25. In the filing, the company proposed that it essentially sell itself to Pieper's company and more recent reports say the proposed price is $198 million, roughly 20 percent of the money owed investors, suppliers and customers. Eclipse did not immediately return a voice message left Tuesday afternoon. According to the TV report, the sale must be completed by Jan. 12 or the court could order the company liquidated. Meanwhile, as the high-stakes drama that could determine their own futures plays out in the courtroom and boardroom, Eclipse employees are focusing on helping those less fortunate during the holiday season.
Company spokeswoman Alana McCarraher told New Mexico Business Weekly that employees decided to contribute to two charities, a local food bank and one that provides winter coats for children, and set up drop barrels at its plants. "Even though Eclipse has had a challenging year and we are in the middle of reorganization, our employees still wanted to give this holiday season, so we chose two local charities to help those in need of food and warm clothing," McCarraher said.