A petition for bankruptcy under the Chapter 7 code was filed by JetDirect Aviation with the U.S. bankruptcy court in Delaware last Friday, listing liabilities of $100 million to $500 million. The filing noted that “there will be no funds available for distribution to unsecured creditors.” A meeting of creditors is scheduled for June 18 in Wilmington, Del.
Anyone attempting to view information on the Web site of European Technology and Investment Research Center (Etirc) will find what looks like a television test pattern occupying what was formerly a description of a thriving investment business.
Roel Pieper’s European Technology and Investment Research Center (Etirc) has filed for bankruptcy, ending Etirc Aviation’s once-lofty plans to distribute Eclipse 500s in Europe and Russia and build an Eclipse assembly plant in Russia. Etirc announced plans to become an Eclipse distributor and help companies operate air-taxi networks two years ago.
As the liquidation process for the assets of bankrupt Eclipse Aviation drags on, four groups have announced proposals to buy those assets and restart product support and, in some cases, production for the orphaned Eclipse 500 very light jet. No date has been set for the asset auction by the Delaware bankruptcy court.
JetDirect Aviation has now placed two of its subsidiary companies into bankruptcy. The first was Regal Jets of Dallas, placed into Chapter 11 bankruptcy on February 25. On Friday, JetDirect placed Novato, Calif. charter operator Sunset Aviation Inc. into Chapter 7 liquidation. JetDirect Aviation had furloughed all Sunset Aviation Inc.
JetDirect Aviation has now placed two of its subsidiary companies into bankruptcy. The first was Regal Jets of Dallas, placed into Chapter 11 bankruptcy on February 25.
On Friday, JetDirect placed Novato, Calif. charter operator Sunset Aviation, Inc. into Chapter 7 liquidation.
Eclipse Aviation filed for Chapter 11 protection in U.S. bankruptcy court in Delaware on November 25, leaving creditors holding $702.6 million in claims. The move closely followed two major achievements in the company’s history, EASA certification of the Eclipse 500 very light jet and FAA certification of the Avio NG 1.5 avionics system.
Just one day after filing Chapter 11 bankruptcy last Tuesday, a group of investors, including European distributor Etirc Aviation, received court approval to provide interim financing to keep the very light jet manufacturer open and its 954 employees working. The financing is intended to ensure Eclipse Aviation is a viable entity when its assets go up for public auction next month.
Per-seat, on-demand very light jet (VLJ) air-taxi firm DayJet on November 14 filed for Chapter 7 bankruptcy (liquidation), just four days after company founder Ed Iacobucci expressed doubt at a VLJ air-taxi conference (see page 40) that the Boca Raton, Fla.-based charter operator would be resurrected.
Just days after Eclipse Aviation achieved two key milestones–EASA and Avio NG 1.5 certification–the pioneering VLJ manufacturer this morning filed for Chapter 11 protection in U.S. Bankruptcy Court in Delaware. At the same time, Eclipse Aviation entered into an agreement to sell “substantially all of its assets” to an affiliate of Etirc Aviation of Luxembourg.