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.
In a search for the actual bankruptcy filing in Delaware, the case summary section of the inforuptcy website updated yesterday lists One Aviation’s assets as between $10M & $50M and liabilities between $100M and $500M.
Alan Klapmeier, One Aviation’s CEO said, “The path to this outcome has been long and difficult. The management team appreciates the generous support it has received from its employees, service providers, suppliers and customers throughout the process.”
ONE Aviation plans to continue developing next generation aircraft, including the EA700, while it also focuses on providing service, maintenance and upgrades to its existing fleet of aircraft, the EA500/EA550’s.
