Troubled very Light Jet manufacturer Eclipse Aviation was forced to proceed to Chapter 7 liquidation on February 24, signalling the end for the pioneer producer of this type of aircraft. It had run into further problems following its proposed sale to Edipsejet Aviation International, a subsidiary of ETIRC Aviation. Although the purchase by its former Chief Executive Officer, Roel Pieper - owner of ETRIC - was approved on January 20 in a Delaware courtroom, failure to raise the required $28 million (￡19.9 million) in cash and $160 million (￡113.7 million) in plus-promissory notes stalled the deal. Eclipse filed for Chapter 11 bankruptcy protection in November 2008, but continued to operate under debtor-in-possession financing until February 18 this year. The sale would have freed it rom of an estimated debt of $1 billion (￡711 million), but on February 24 its secured creditors filed a motion in the US Bankruptcy Court in Delaware to convert the Chapter 11 protection to Chapter 7 liquidation.
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