Molly is out today. Here’s a story from the Associated Press:
Eclipse Aviation says it will not oppose a motion filed by senior noteholders in federal court to convert the Albuquerque aircraft manufacturer’s bankruptcy proceedings to Chapter 7, which would lead to liquidation of the company.
The senior secured noteholders filed the motion in U.S. District Court in Delaware on Tuesday after it became clear that Eclipse’s buyer, European-based EclipseJet Aviation International Inc., was unable to obtain financing, particularly from the Russian government.
Eclipse Aviation said in a news release today the company does not plan to contest the motion.
Albuquerque business bankruptcy attorney Bill Davis says given the circumstances of the motion filed, he believes it’s 99 percent certain the judge will order a Chapter 7 bankruptcy to proceed. Davis is not representing anyone in the case.