Eclipse acquires short term financing

ALBUQUERQUE (KRQE) - Eclipse Aviation has acquired short term financing to pay their company's payroll, according a recorded phone message.

 

The message states the company will deposit all past due payroll owed to employees no later that Tuesday Nov. 18, 2008.

Workers at Eclipse were told Thursday that they may not get paid for their last two weeks of work.

Employees were given a toll free number to call to update them on the situation.

On Friday at around noon, an Eclipse message on the other end of the toll free number confirmed that employees would receive their compensation by Tuesday.

There is a possibility that the company could pay their employees by Monday.

Before the company informed their employees of the upcoming payment, The Mayor of Albuquerque said that he believed Eclipse Aviation could survive.

Mayor Martin Chavez said that he understands Eclipse's situation and is trying to be supportive. He called the issues with the Albuquerque based company a story that's unfolding all across the country.

Chavez said that he spoke with the local Chief Executive Officer of Eclipse who told him she was confident that they'd fix the problem.

She used the terms days not weeks, according to the mayor.

Chavez said that the company needed to fix the payroll issues in addition to keeping the company afloat.

The mayor also made it clear that Eclipse is considered a tenant of the city of Albuquerque since they rent space at the Albuquerque International Sunport.

The company still owes the city about $200,000 in back rent for those facilities. 

"They're looking at much more than paying the employees. They're looking at the survival of the company," Chavez said. "This round of financing, which they believe to be-if I recall correctly-$200 million to $300 million, which they think is forthcoming."

Mayor Chavez admits that it would be a hit to the city of Albuquerque if Eclipse were to fold.

Some Eclipse customers have filed lawsuits, seeking refunds of deposits they put down when they ordered the Eclipse 500 light jets.

Stay with KRQE News 13 and KRQE.com for the latest updates on the status of Eclipse Aviation.