Eclipse says it will pay back deposits with interest, and the 190 temporary employees let go last week were part of the production rampup, and such workforce reductions are “not uncommon.” Since announcing a new round of initial financing at EAA AirVenture last month, the new management at Eclipse has been in cash-conservancy mode. It has since been revealed that the full amount of the financing arrangement will not be available until year end. With an unnamed number of position holders seeking refunds after the most recent price increase, some of the customers had begun to express concern over receiving their refunds, especially when they heard that new funding had been secured (with the removal of founder Vern Raburn as a contingency). As part of its effort to husband its cash, new Eclipse management has held off on supplying refunds, but last week announced it planned to pay back customers, with interest, when the next round of financing is received.
Eclipse Addresses Layoffs and Refund Strategy
Key Takeaways:
- Eclipse is in cash-conservancy mode due to a new financing round not being fully available until year-end, which has led to 190 temporary employee layoffs and delayed customer refunds.
- Despite initial delays and customer concerns, Eclipse has announced it will repay all customer deposits with interest once the next round of financing is fully received.
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