In the final Chapter 7 procedure, completed on August 20, 2009, there was only one bidder, a new company formed to acquire the assets, Eclipse Aerospace.

Due to investments by the State of New Mexico and incentives and concessions from the City of Albuquerque, the company set up its production facilities there and moved its headquarters in 2000.

[3][15][16][17] In February 2006, the company was named the winner of the Collier Trophy for 2005 by the National Aeronautic Association for its work with the Eclipse 500.

The four-seat aircraft was powered by a single Pratt & Whitney Canada PW610F turbofan and was built in secrecy at NASA's Wallops Flight Facility in Virginia by Swift Engineering and BaySys Technologies.

[1] The new CEO, Roel Pieper, the chairman of the board of directors and president of ETIRC,[1][26] said that the company should be profitable by the first quarter of 2009.

[28] On Wednesday, August 20, 2008, Hampson Aerospace closed its Grand Prairie production plant, leaving Eclipse without a supplier of tail sections.

[33] From August 2008 onwards, several customers filed lawsuits against the company for failure to return deposits for canceled and delayed orders.

[8][41][42] The company was "seeking court approval for debtor-in-possession financing and procedures for the sale of substantially all of its assets under Section 363 of the U.S. Bankruptcy Code."

The court documents filed suggested that the bankruptcy occurred because the company "continued to lose larger than expected sums of money on each aircraft manufactured and has not reached cash flow positive in its operations."

[3] Eclipse also developed PhostrEx, a fire suppression agent for use in aviation applications to replace halon, a greenhouse gas.