Despite recently filing for Chapter 11 bankruptcy protection, One Aviation plans to continue day-to-day operations according to a news release issued yesterday. One Aviation Corporation, the parent organization of Eclipse Aerospace and Kestrel Aircraft, says the company entered into a consensual restructuring with support from 100% of its voting first lien lenders. Part of the restructuring includes an influx of fresh capital that will help the company continue regular operations. This company restructuring, following reductions in staff one year ago means the next six months will be critical to One Aviation’s success. One Aviation’s Board of Directors, as well as its management team said they believe this new plan and transition will ensure the company has the financial strength required to support the business for long-term success.
One Aviation Files Chapter 11
Key Takeaways:
- One Aviation has filed for Chapter 11 bankruptcy protection but plans to continue day-to-day operations, including new aircraft development and existing fleet service.
- The company is undergoing a consensual restructuring supported by its lenders, which includes an influx of fresh capital to ensure long-term financial strength.
- One Aviation's reported assets are between $10M and $50M, while its liabilities range from $100M to $500M.
- Despite the bankruptcy, the company intends to continue developing next-generation aircraft like the EA700 and providing service for its EA500/EA550 fleet.
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