Eclipse Aviation files for bankruptcy

THE CITY OF ALBUQUERQUE IS CALLING WHAT MAY APPEAR TO BE BAD NEWS....ACTUALLY 'GOOD NEWS.'TODAY...  More »

THE CITY OF ALBUQUERQUE IS CALLING WHAT MAY APPEAR TO BE BAD NEWS....ACTUALLY 'GOOD NEWS.'TODAY ECLIPSE AVIATION FILED FOR CHAPTER 11 BANKRUPTCY PROTECTION.... AND ANNOUNCED THAT A BUYER IS ALREADY WAITING IN THE WINGS. ANTOINETTE ANTONIO IS LIVE WITH WHY THE CITY SAYS ECLIPSE'S BANKRUPTCY IS A POSITIVE THING. ANTOINETTE? A GOOD THING... WHEN YOU CONSIDER THE ALTERNATIVE.... CLOSING UP SHOP AND LAYING OFF ROUGHLY 950 WORKERS. THIS MORNING ECLIPSE AVIATION FILED FOR CHAPTER ELEVEN PROTECTION IN U-S BANKRUPTCY COURT IN DELAWARE. AT THE SAME TIME .. THE COMPANY ANNOUNCED THAT AN AFFILIATE OF ETIRC AVIATION OF LUXEMBURG .. ECLIPSE'S LARGEST SHAREHOLDER... HAS MADE AN OFFER TO BUY ECLIPSE. THE DEAL HOWEVER, ISN'T FINALIZED, SINCE THE COMPANY IS SUBJECT TO PUBLIC AUCTION. TODAY THE MAYOR SAID THAT THIS SHOULD BE LOOKED AT AS A POSITIVE THING... SINCE IT IS, AT THE VERY LEAST, AN EFFORT TO KEEP WORKERS AT ECLIPSE EMPLOYED. AS FOR WHO LOSES IN ALL OF THIS ... THE MAYOR SAYS IT'S SHAREHOLDERS IN THE COMPANY. THE CITY DOES HAVE 45-MILLION DOLLAR IN INDUSTRIAL REVENUE BONDS INVESTED IN ECLIPSE... BUT CITY OFFICIALS SAY THOSE ASSETS ARE SAFE. 20:52 our taxpayers yes, protected for the industrial revenue bonds, the facilites they lease belong to the city of albuquerque anyway so thats seems fine, we're very comforted in that it's the company's intent to not lay anyone off OVER THE PHONE... ECLIPSE OFFICIALS TOLD US THAT NO LAYOFFS ARE PLANNED RIGHT NOW. OFFICIALS SAY, WITH THE BUYOUT... WHICH SHOULD BE OFFICIAL BY THE END OF NEXT JANUARY... ECLIPSE HOPES TO INCREASE PRODUCTION WHICH HAS SLOWED DOWN DURING ALL OF THE COMPANY'S FINANCIAL TURMOIL. COMING UP AT SIX ... WITH AN OVERSEAS COMPANY, MOST LIKELY BEING THE NEW OWNER, WE ASK ABOUT THE POSSIBILITY OF ECLIPSE MOVING OUT OF ALBUQUERQUE. WE'LL TELL YOU WHAT THE COMPANY -- AND THE MAYOR HAD TO SAY. LIVE... AA... EWN4.  « Less