United States: New company to get Eclipse Aviation assets.Byline: kusumv03 Eclipse Aviation Eclipse Aviation Corporation is an Albuquerque, New Mexico based manufacturer of the Eclipse 500 and Eclipse ECJ very light jets (VLJs). Founded in 1998 by former Microsoft employee Vern Raburn, the company employs about 1,300, which is more than twice the number from only a few Corp., which filed for Chapter 7 bankruptcy last March, is about to be resurrected under the new name Eclipse Aerospace. The new company, headed by Mason Holland Jr., chairman of insurance benefits software company Benefitfocus of Charleston, S.C. - was the sole bidder on Eclipse's assets when the deadline for bids came due at noon on Friday, Aug. 4. "That means Eclipse Aerospace is the successful bidder," Albuquerque Mayor Martin Chavez Martin J. Chávez (born 1952) is the current Mayor of Albuquerque, New Mexico. From 1989 to 1993 he served in the New Mexico State Senate and was elected to his first term as Mayor in 1993. told the New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). Business Weekly. "It[sup.1]s now a done deal. Eclipse is back." Eclipse Aerospace, which includes three other investors in addition to Holland, will pay $40 million for the former Eclipse Aviation assets. The old company filed for Chapter 11 protection with the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. in Delaware last November. In March, however, the Court granted a motion to convert the proceedings to a Chapter 7 liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy . More than half a dozen potential bidders surfaced in the last few months, but only Eclipse Aerospace actually submitted a bid to acquire the old company, which made very light jets at a factory at the Albuquerque International Sunport
Albuquerque International Sunport (IATA: ABQ, ICAO: KABQ . Chavez said the final sale will close on Aug. 20, after which the new company will start gradually hiring workers. At one point, the former company employed nearly 2,000 people. The new firm will service existing Eclipse jets and make new planes, but it's only expected to employ a few hundred workers. Still, Chavez said the company's resurrection is a "major deal" for Albuquerque. "Eclipse has always been more important to us than the jobs it provides," Chavez said. "It represents a symbol of progress for the city. That it's now coming back is a huge victory for Albuquerque." Copyright : Euclid Infotech Pvt. Ltd. Provided by Syndigate.info an Albawaba.com company |
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