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Eclipse
Aviation files for
Chapter 11 Bankruptcy protection.
Eclipse Aviation has filed Bankruptcy. I'm disappointed but not
terribly
surprised. They have had a long run of tough times. Who was
to
blame? If you are interested in reading details about what
mistakes
Eclipse Aviation made you can read all about it on these web sites: These blog postings have
been very vocal
about the failings of Eclipse Aviation and I'm sure they will have
plenty to
write about the recent news. My focus has always been
on
helping the air taxi business succeed for the benefit of pilots.
Eclipse Aviation is dead, long live Eclipse Aviation. The assets of the
bankrupt
company will go to the highest bidder, probably ETIRC
Aviation
the major
shareholder. The company will be sold through competitive auction
to be
finalized in January 2009. ETIRC has placed the highest bid to
date. "In the face of unprecedented economic challenges, it
is
clear that the sale of the Eclipse business through the Chapter 11
process is
the right course of action to maximize the value of the business,
secure its
future and protect the best interests of Eclipse's stakeholders,
including customers,
suppliers, employees and creditors," said Roel Pieper, CEO of Eclipse
Aviation. "The successful sale will position the business for
aggressive
global expansion, allowing the company to fulfill its promise and
solidify its
position as the world's leading manufacturer of VLJs." Eclipse Aviation raised the
price of their
aircraft to $2.15 million in June 2008 because they were unable to
produce the
aircraft in the volume their business model required. In its next
life
Eclipse may again aim for a lower price tag. If the buyer of
Eclipse's
assets is able to purchase the machining, plans and rights for a very
low price
I'd expect that they will be able to produce the airplane for
less.
Perhaps much less because they also have turned their customers into
"unsecured creditors." It seems that Roel Pieper's
plan is to continue with production and attempt to sell the Eclipse 500
aggressively in Europe. The company was given enough
financing to
continue operations throughout the sale period. Any guesses for how many
Eclipse 500
aircraft will be produced in 2009? Enter your best guess about
how many
of these little jets will be produced worldwide in 2009 and the winner
will
receive a digital copy of an original ME-262 operator's manual signed
by my
father-in-law Erich Wuensch, WWII German fighter pilot. As an
added bonus
Herr Dr. Dr. Wuensch will discuss with you some of his flying tales
over the
telephone, in English, German or Czech. Entries must be
submitted by the
end of January 2009. Just leave a comment to this blog with your
guess. He has some cool stories. With the recent loss of much
personal
wealth in the world the demand for air taxi services has been reduced
but as
the economy recovers the need for air taxi travel will grow
again. In the
mean time there are still 20,000 private jet and turboprop aircraft in
the US
alone that still need gainful employment. Business people still
need to
get to meetings and airline travel is becoming slower and more
aggravating.
Driving still takes a long time. Existing Air Taxi
operators are
looking for paying passengers and they are doing everything they can to
get
your business. Find
your next flight on Taxijet.com. |