Bankruptcy Court Judge To Give Decision On Proposed Sale
City officials in Albuquerque, NM anxiously awaited word of an
outcome to Friday's hearing in a Delaware bankruptcy court --
hoping that if ETIRC, the proposed buyer of Eclipse Aviation's
assets, gets the nod of approval, the company will elect to keep
the manufacturing plant in the city.
Those officials -- as well as approximately 950 workers still
employed at the struggling planemaker -- must wait a little longer
for word on the next chapter in Eclipse's story. After testimony in Friday's hearing
ran into the evening hours, the judge postponed a decision until
New Mexico politicians and lawmakers feel they did a lot to
accommodate Eclipse. They voted for tax breaks and spent millions
on road and water system improvements, hoping that Eclipse would
grow and contribute much back into the local economy.
Even the Federal Aviation Administration pitched in with funding
for a new control tower at Albuquerque's Double Eagle II Airport
(AEG), in anticipation of a significant increase in air traffic
once the company relocated its manufacturing facilities from a
handful of buildings at the Albuquerque International Sunport (ABQ)
and along South Broadway Blvd. In the works for over two years, the
tower at AEG went online earlier this month.
But as the sale of Eclipse comes closer to becoming a reality,
some are wondering if the new owners will keep the plant in
Albuquerque... or if all their efforts, and taxpayers' dollars,
were in vain.
City Councilman Ken Sanchez said, "We've made a big investment
in the infrastructure out on Albuquerque's Westside. We all felt it
was going to be a great success story. Those are some of the risks
we take as policy makers; unfortunately in this particular case, it
didn't work to our favor."
City Councilman Michael Cadigan said, "I guess the lesson we
learned is buyer beware. The good news is we have a bunch of
infrastructure out there ready to go when the economy turns
According to Albuquerque's KOAT-7, an Eclipse spokesperson said
Friday that the company is hopeful that the sale to ETIRC (European
Technology and Investment Research Center) will be approved, and
that the factory will not have to be relocated.