Eclipse rises from the ashes under new ownership

Eclipse Aviation is bought out of bankruptcy and reborn as Eclipse Aerospace, with doors opening for business on Sept. 1.

The Albuquerque Business Journal reports that very light jet manufacturer Eclipse Aviation Corp. (Albuquerque, N.M., USA), which filed for Chapter 7 bankruptcy earlier this year, has been reborn under the name Eclipse Aerospace. The new company is led by Mason Holland Jr., chairman of Benefitfocus (Charleston, S.C.), who bought ­ Eclipse's assets for $40 million on Aug. 4.

Eclipse manufactured the Eclipse 500 very light jet and has more than 250 craft sold and in service. The company reopened on Sept. 1 and began hiring former employees. Mike Press, one of two investors who formed Eclipse Aerospace, told the newspaper that Eclipse Aerospace plans to immediately provide service and upgrades for the 259 Eclipse 500 very light jets that began flying before the original company closed its doors last March. Within 18 months Eclipse Aerospace says it expects to start producing new jets.

The Eclipse 500 is constructed mostly of aluminum, but does employ composites in some structures.

Information: Click here for original story in The Albuquerque Business Journal.