ALBUQUERQUE (KRQE) - A bankruptcy court judge has verbally approved the sale of Albuquerque-based Eclipse Aviation to an affiliate of its largest shareholder.
The company announced Tuesday that Judge Mary Walrath of the U.S. Bankruptcy Court gave the OK for Eclipse to sell its assets to EclipseJet Aviation International, an affiliate of ETIRC Aviation, Eclipse’s European distributor.
EclipseJet had bid $28 million in cash, plus promissory notes and equity.
Eclipse expects to continue operations through the closing date.
In November, Eclipse filed for Chapter 11 bankruptcy protection, and announced it was seeking a buyer. Since then, it’s continued operations with debtor-in-possession financing.