A federal bankruptcy judge approved Thursday a $40 million purchase offer for Albuquerque-based Eclipse Aviation Corp.
The offer came from Mason Holland Jr. of Charleston, S.C., according to an Associated Press report.
Holland is now the chairman of the newly-formed Eclipse Aerospace.
Eclipse Aviation 500
A consortium of investors, headed by Benefitfocus chairman Mason Holland Jr., and three others will invest $40M to take over the assets of bankrupt Eclipse Aviation to form a new company, Eclipse Aerospace. No other bidders had emerged to submit offers for the former Very Light Jet (VLJ) aircraft manufacturer by noon, August 14th.
Eclipse Aviation filed chapter 11 bankruptcy protection last November and ceased operation last March filing under Chapter 7 liquidation. Numerous potential bidders emerged in the final weeks for the tooling and other assets, but Eclipse Aerospace was the only offer to actually bid. They expect the sale to close on August 20th.