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Eclipse Aviation Corp. Lands In Ch. 11

Law360 (November 26, 2008, 12:00 AM EST) -- Eclipse Aviation Corp., a manufacturer of small, low-cost personal jets, has filed for Chapter 11 bankruptcy protection, citing the impact of the global credit crisis and long-standing manufacturing problems.

In first-day motions filed Tuesday in the U.S. Bankruptcy Court for the District of Delaware, Eclipse said it would continue its manufacturing operations as it proceeds with the sale of substantially all its assets for a combination of cash, equity and debt.

Albuquerque, N.M.-based Eclipse has agreed to sell its assets to an affiliate of ETIRC Aviation,...
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