A federal judge has granted Eclipse Aviation Corp.'s request to restructure under Chapter…
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Judge OKs Eclipse restructure request
Ruling clears way for January sale
Updated: Wednesday, 26 Nov 2008, 2:58 PM MST
Published : Wednesday, 26 Nov 2008, 2:40 PM MST
ALBUQUERQUE (AP) - A federal judge has granted Eclipse Aviation Corp.'s request to restructure under Chapter 11 bankruptcy protection, giving the Albuquerque manufacturer time to make its Eclipse 500 very light jet profitable.
The company's acting chief executive Roel Pieper told The Associated Press in an interview that the request was granted Wednesday in a federal court in Delaware. U.S. Bankruptcy Judge Mary F. Walrath signed the orders.
Pieper, who was in Albuquerque for an all-hands meeting of the company's 945 employees, says the court ruling clears the way for a public auction of Eclipse Aviation's assets in January.
Pieper says the company's work force was upbeat and relieved that the restructuring might mean the manufacturer's troubles are nearing an end.
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