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Wed, Oct 10, 2018

No Surprises Here: ONE Aviation Files Chapter 11

Legal Filing Will Reportedly Allow For Reorganization Of Embattled Company

ONE Aviation Corporation (along with its subsidiaries Eclipse Aerospace and Kestrel Aircraft), have confirmed that the Company has entered into a consensual restructuring pursuant to the terms of a Restructuring Support Agreement with support from 100% of its voting first lien lenders.

As part of this process, the company has voluntarily filed for Chapter 11 bankruptcy while concurrently securing financing from its first position lender. This influx of capital combined with its normal operating cash flow, will reportedly allow ONE Aviation to maintain normal operations, minimize business disruption, and position the company for a successful future. The Board of Directors and management team believe that this plan and transition ensures the Company has the financial strength required to support the business for long-term success.

ONE Aviation will continue its development of the next generation of aircraft, including the EA700, while it also focuses on providing service, maintenance and upgrades to its existing fleet of aircraft, the EA500/EA550's.

"The path to this outcome has been long and difficult. The management team appreciates the generous support it has received from its employees, service providers, suppliers and customers throughout the process," said CEO Alan Klapmeier.

FMI: www.ONEaviation.aero

 


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