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Eclipse Aviation
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<blockquote data-quote="muchado" data-source="post: 76243" data-attributes="member: 17"><p>Eclipse Aviation employees were asked to return to work next week after being told delayed paychecks will arrive by Tuesday but the company still needs to obtain long-term financing to stay in business.</p><p></p><p>Eclipse, which makes a six-seat light jet called the Eclipse 500, said in a 40-second recorded telephone message that its executives were working to obtain long-term financing to keep the Albuquerque aircraft manufacturer afloat.</p><p></p><p>"Management continues to work diligently on a longer-term financial solution for our business," the message said. "We sincerely apologize for the distress this has caused you. Thank you for your continued support and loyalty."</p><p></p><p>More than a day after employees left work, Eclipse confirmed in a news release it was unable to meet its payroll Thursday. The company declined Friday to comment further.</p><p></p><p>Eclipse executives gathered employees Thursday, which was payday, telling them the company could not meet payroll for the latest two weeks' pay. The workers were then sent them home.</p><p></p><p>Angry and frustrated workers carried boxes of personal belongings with them as they exited facilities during work hours and some said they were anxiously watching their bank accounts for their direct deposits.</p><p></p><p>Without long-term financing and amid the current global economic crisis, Eclipse has a struggle ahead to survive.</p><p></p><p>"They're not looking to find two weeks of financing to make one payroll. They're looking at the survival of their company," Mayor Martin Chavez said. "They are caught in the global credit crunch just like everybody else."</p><p></p><p>Chavez said at a news conference -- held before the company announced the paychecks were coming -- that Peg Billson, Eclipse's president for manufacturing, told him the troubled aircraft manufacturer is confident it can secure much-needed financing.</p><p></p><p>Chavez said Billson told him Thursday the company believes it has commitments for financing but is waiting on paperwork. He said they didn't discuss where the financing will come from or how much the manufacturer would obtain.</p><p></p><p>"My sense is they were talking days, not weeks," Chavez said.</p><p></p><p>Chavez said the company is in compliance with terms of a $45 million industrial revenue bond issued by the city.</p><p></p><p>However, he said his administration has "assembled an internal team to watch carefully, should the company stumble, so that the taxpayers are protected."</p><p></p><p>Chavez also said he would not support a city bailout for the company at this time.</p><p></p><p>Charles Wollmann, spokesman for the State Investment Council, which has a $19 million equity investment in Eclipse, said there are no concrete plans for the state to increase its investment in the company.</p><p></p><p>Eclipse has said it needs $200 million to $300 million to remain solvent. It raised the price of the Eclipse 500 in June from $1.5 million to $2.15 million.</p><p></p><p>Also Friday, three more plaintiffs filed lawsuits against Eclipse in federal court, bringing the number of customers who are suing Eclipse to seven.</p><p></p><p>All are seeking refunds of deposits they put down when they ordered Eclipse 500 jets and then sought to cancel their contracts after the price jumped.</p><p></p><p>The latest plaintiffs -- an Australian company, a man from Venezuela and a Mississippi physician -- are seeking refunds ranging from $100,000 to $159,000. The seven plaintiffs are seeking more than $1 million in refunds.</p><p></p><p>Recent reports by Forecast International Inc. and the Teal Group Corp. say the Eclipse business plan depends on an extremely low price tag for the aircraft and unrealistically high production levels. They predict Eclipse will end production in early 2009.</p><p></p><p>Doug Royce, an aerospace analyst for Connecticut-based Forecast International, said when a company cannot pay its workers customers get nervous and suppliers want stricter terms, making it harder to do business.</p><p></p><p>"A year ago when financing was much more plentiful, you would be looking at a far better chance for survival," Royce said. "They went looking for financing at probably the worst time in 70 to 80 years."</p></blockquote><p></p>
[QUOTE="muchado, post: 76243, member: 17"] Eclipse Aviation employees were asked to return to work next week after being told delayed paychecks will arrive by Tuesday but the company still needs to obtain long-term financing to stay in business. Eclipse, which makes a six-seat light jet called the Eclipse 500, said in a 40-second recorded telephone message that its executives were working to obtain long-term financing to keep the Albuquerque aircraft manufacturer afloat. "Management continues to work diligently on a longer-term financial solution for our business," the message said. "We sincerely apologize for the distress this has caused you. Thank you for your continued support and loyalty." More than a day after employees left work, Eclipse confirmed in a news release it was unable to meet its payroll Thursday. The company declined Friday to comment further. Eclipse executives gathered employees Thursday, which was payday, telling them the company could not meet payroll for the latest two weeks' pay. The workers were then sent them home. Angry and frustrated workers carried boxes of personal belongings with them as they exited facilities during work hours and some said they were anxiously watching their bank accounts for their direct deposits. Without long-term financing and amid the current global economic crisis, Eclipse has a struggle ahead to survive. "They're not looking to find two weeks of financing to make one payroll. They're looking at the survival of their company," Mayor Martin Chavez said. "They are caught in the global credit crunch just like everybody else." Chavez said at a news conference -- held before the company announced the paychecks were coming -- that Peg Billson, Eclipse's president for manufacturing, told him the troubled aircraft manufacturer is confident it can secure much-needed financing. Chavez said Billson told him Thursday the company believes it has commitments for financing but is waiting on paperwork. He said they didn't discuss where the financing will come from or how much the manufacturer would obtain. "My sense is they were talking days, not weeks," Chavez said. Chavez said the company is in compliance with terms of a $45 million industrial revenue bond issued by the city. However, he said his administration has "assembled an internal team to watch carefully, should the company stumble, so that the taxpayers are protected." Chavez also said he would not support a city bailout for the company at this time. Charles Wollmann, spokesman for the State Investment Council, which has a $19 million equity investment in Eclipse, said there are no concrete plans for the state to increase its investment in the company. Eclipse has said it needs $200 million to $300 million to remain solvent. It raised the price of the Eclipse 500 in June from $1.5 million to $2.15 million. Also Friday, three more plaintiffs filed lawsuits against Eclipse in federal court, bringing the number of customers who are suing Eclipse to seven. All are seeking refunds of deposits they put down when they ordered Eclipse 500 jets and then sought to cancel their contracts after the price jumped. The latest plaintiffs -- an Australian company, a man from Venezuela and a Mississippi physician -- are seeking refunds ranging from $100,000 to $159,000. The seven plaintiffs are seeking more than $1 million in refunds. Recent reports by Forecast International Inc. and the Teal Group Corp. say the Eclipse business plan depends on an extremely low price tag for the aircraft and unrealistically high production levels. They predict Eclipse will end production in early 2009. Doug Royce, an aerospace analyst for Connecticut-based Forecast International, said when a company cannot pay its workers customers get nervous and suppliers want stricter terms, making it harder to do business. "A year ago when financing was much more plentiful, you would be looking at a far better chance for survival," Royce said. "They went looking for financing at probably the worst time in 70 to 80 years." [/QUOTE]
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