Updated: Friday, 16 Jan 2009, 12:35 PM MST
Published : Friday, 16 Jan 2009, 12:35 PM MST
ALBUQUERQUE (KRQE) - Friday, a federal bankruptcy court judge in Delaware opened a hearing on the proposed sale of Albuquerque based Eclipse Aviation.
The bankrupt jet maker was supposed to go to public auction Wednesday, but the auction was cancelled because Luxembourg based ETIRC Aviation was the only qualified bidder.
ETIRC is the largest shareholder in Eclipse, and if the acquisition goes through, the company plans to make changes.
News 13 has learned that ETIRC plans to change Eclipse's name, and is also asking the court to approve a plan where the company would pay those with secured loans 15 percent of their investment back.
There have been several objections to the proposed sale, and sources tell News 13 that one of the potential holdups involves 30 jets in production, because those planning to buy the jets have paid deposits.
The judge is being asked to decide if these planes should belong to the buyers or if they should become the property of ETIRC along with the rest of Eclipse's assets.
News 13 is still trying to find out more on the future of the company, including the security of Eclipse's Albuquerque jobs.
If the Eclipse sale goes forward, its buyer plans to build a manufacturing plant in Russia, while keeping the Albuquerque based plant.
Stay with KRQE News 13 for continuing coverage on a potential sale of Eclipse Aviation.