Sale Agreement Reported For Bankrupt Company

ANN is looking over court documents now that detail a very recent potential agreement to sell virtually all the primary assets of Eclipse Aircraft to a group headed by Eclipse customers Mike Press and Mason Holland.

The company, named Eclipse Aerospace, Inc., has apparently agreed to pay some $40 million for the assets, reportedly half of it in cash.

According to documents on hand, the "The Buyer and Seller agree that the aggregate value of the Purchase Price is $40,000,000. Upon the entry by the Bankruptcy Court of the Bidding Procedures Order, Buyer shall deposit the amount of $5,000,000 of the Cash Consideration pursuant to the Deposit Escrow Agreement."

Interestingly, the sale includes all of the former DayJet aircraft, which represent a considerable asset... "Seller agrees that upon the Closing, Buyer shall have acquired all of the Seller's right, title and interest in the DayJet aircraft and any and all obligations from DayJet Leasing LLC and or its affiliates and no further or additional consideration shall be due Seller on account of such interest."

To the best of our knowledge, the sale is expected to close in August with a hearing ont he matter currently scheduled for August 10th, the factory could reportedly reopen shortly thereafter. ANN is examining over 140 pages of docs for additional detail and conducting interviews... we will update this story shortly.

FMI: www.uscourts.gov/bankruptcycourts.html