Eclipse Aviation gets interim access to $8 million of DIP loan; final hearing Dec. 15

By Caroline Salls

Pittsburgh, Nov. 26 - Eclipse Aviation Corp. has been granted interim access to $8 million of its $20 million in debtor-in-possession financing from the Alfred E. Mann Living Trust and ETIRC Aviation, Sarl, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for Dec. 15.

DIP loan proceeds will be used to fund the company's post-bankruptcy working capital needs.

The facility will mature on the earliest of 100 days from the bankruptcy filing date, 35 days from the filing date if a final order has not been entered, upon a sale of substantially all of the company's assets and on the effective date of a plan of reorganization.

Interest will be Libor plus 800 basis points.

Eclipse, an Albuquerque-based aircraft manufacturer, filed for bankruptcy on Nov. 25. Its Chapter 11 case number is 08-13031.

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