ECLIPSE AVIATION $1 BILLION IN DEBT. CREDITORS ARE LINING UP, BUT TAXPAYERS NOT LIKELY TO RECOVER INVESTMENT.

NEW MEXICO TAXPAYERS ON HOOK FOR $19 Million

Once considered a bright spot on Albuquerque's economic horizon Eclipse Aviation is more than $1,000,000,000 (Yes, one billion) dollars in debt. The Albuquerque Journal reviewed the company's bankruptcy filing and in a copyright story reports that more than 5,000 people and other investment entitites are owed money. The top three creditors are owed a combined $230.6 million dollars. Eclipse's top creditor is Kings Road Investments, LTD of New York City. They're owed $92.3 million dollars. Most are excpect to loose most of their investment. Of course the New Mexico State Investment Council, which has a 2.7 percent stake in the very light jet maker stands to lose the majority of its $19 million dollar investment. That makes taxpayers the fourth largest creditors.

FLYING A LITTLE LOWER

Eclipse Aviation could emerge from Chapter 11 Bankruptcy protection a stronger company, if it survives it's financial crisis. But now, the company can add an FAA director to its list of problems. The Federal Aviation Administration has issued an airworthiness directive that goes into effect in December. It limits the very light jets manufacutred in Albuquerque, to a maximum altitude of 37,000 feet, instead of the earlier maximum of 41,000 feet previously authorized. The FAA has instutted the order to address problems of carbon buildup in the enginees when flying beyond the 37,000 foot ceiling.