Eclipse Aerospace, Inc, a firm founded by Eclipse 500 owners Mason Holland and Mike Press, has filed a $40-million "stalking horse bid" for the assets of insolvent Eclipse Aviation Corporation. The proposed asset purchase agreement offers $20 million in cash and $20 million in new notes as a starting bid in an August 2009 asset auction, according to documents filed in the U.S. Bankruptcy Court for the District of Delaware.

The company, which filed for Chapter 11 Nov. 28, 2008, went into Chapter 7 liquidation Feb. 24 after its creditors petitioned the bankruptcy court to make the move. Since then, at least four different groups have expressed interest in buying the assets of the defunct company, including Daher-Socata, David Green, representing the Eclipse Owners Group, Peter Reed of New Eclipse Acquisition LLC and Eclipse Aerospace.

While FAA has said it will not ground the aircraft for now, the European Aviation Safety Agency notified Eclipse Aviation of its decision to suspend EASA Type Certificate IM.A. 171 covering the Eclipse 500 aircraft, effective June 12, 2009.

Meanwhile, the court filings said Eclipse Aerospace offered to put up a $5-million escrowed deposit and that it proposes that any other bidder ante up an equal amount plus a minimum $2-million topping bid to demonstrate its financial qualifications. Assuming that Eclipse Aviation's bankruptcy attorney Jeoffrey Burtch of Cooch & Taylor accepts the bid, the asset sale could be completed in the next 30 days, barring unforeseen developments.

Photo credit: Eclipse