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It has been clear for some time now that Eclipse Aviation is in trouble. Two weeks ago the light-jet manufacturer could not pay their employees.
Today Eclipse issued a statement saying the company would be filing for Chapter 11 bankruptcy protection.
“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,” Roel Pieper, CEO of Eclipse Aviation, said in a statement. “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.”
The company was able to pay its employees last week but is currently being sued by customers and manufacturers.
Most of the customers’ complaints stem from a price increase of the Eclipse 500 jet from about $1.5 million to $2.15 million in June. The plaintiffs want refunds for the jets they ordered and claim Eclipse has refused to pay them what they are owed, court records show.
For more on Chapter 11 Bankruptcy, one can read a story from the Federal Judiciary.
