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 but will continue day-to-day operations through a consensual restructuring plan supported by fresh capital.
- The company faces a significant financial imbalance, with assets listed between $10M and $50M and liabilities between $100M and $500M.
- Despite the bankruptcy, One Aviation plans to continue developing next-generation aircraft (EA700) and providing service, maintenance, and upgrades for its existing EA500/EA550 fleet.
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