Eclipse - looks bad

[NoGlassinCockpit]

I saw this on another website today. Just a constant stream of poor news now on the Eclipse. I wonder how long before it goes bang.......... and the deposits with it?

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ANN REALTIME REPORTING 11.27.07 1545 EST: In a candid discussion Tuesday with ANN's Rob Finfrock, Eclipse Aviation CEO Vern Raburn admitted production delays have conspired to complicate the Albuquerque, NM-based planemaker's financial outlook -- "and feed the rumor mill" claiming the company's imminent demise -- but Raburn makes no bones about how he views his company's long-term success.

"This company has a pretty [gosh-darned -- you can figure out what he really said -- Ed.] good record of pulling success out of adversity," Raburn said.

Raburn doesn't shy away from reports of adversity. With production rates still hovering below one aircraft per day, deliveries aren't up to where Eclipse has said they need to be to prove profitable... which means money isn't coming through the door at the rate Eclipse expected. So, the company is reaching out for additional capital... but in addition to looking for new financing from investors.

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Certified flight into 'known ice' is also a long way off apparently!

[OFBSLF]

Yup. More bad news: In a letter to position-holders this week, Eclipse Aviation CEO Vern Raburn asked customers to send money now, and he will in return give them a discount on the final delivery cost when their jet is ready. Raburn said he hopes to raise $30 million in the next few weeks with the offer, which will go to finance operations while the company finalizes a new round of capital raising. The offer would give customers a locked-in base price of $1.25 million in return for an up-front payment by Dec. 14 of $625,000. The deal can save owners up to a half-million dollars on the final cost. Some customers already have shown interest in the program, Eclipse spokesman Andrew Broom told AVweb on Wednesday. "We're not trying to raise all of our money via customers, but we are raising more money and thought we would ask our customers to participate," he said. If not enough customers come forward to raise at least $30 million, then Eclipse will refund the money, he added.

Full text is here: http://www.avweb.com/avwebflash/news/Eclipse500_DiscountFor_Cash_UpFront_196676-1.html

[OFBSLF]

Eclipse has apparently gotten a cash infusion of more than $100M USD: http://www.aero-news.net/index.cfm?ContentBlockID=d029ae10-db23-4264-98a5-f8f5418a0517&