An investment company from China has received U.S. government approval to acquire One Aviation, the bankrupt company aviation entrepreneur Alan Klapmeier created in 2015 by merging his turboprop-development project with a jet manufacturing concern.
Washington, D.C., law firm Paul Hastings LLP announced in a news release that the Committee on Foreign Investment in the United States, an interagency government panel chaired by the U.S. Treasury secretary, approved the acquisition of Albuquerque, New Mexico-based One Aviation by Citiking International US LLC.
AOPA reported in October 2018 that One Aviation—created by Klapmeier from single-engine turboprop developer Kestrel Aviation and jet maker Eclipse Aerospace—filed Chapter 11 bankruptcy but said it would continue operating with a fresh cash infusion from its “first position lender.”
The filing came a year after One Aviation had reduced its workforce following the phaseout of production of the EA550 very light jet and a shift toward development of the EA700, a 14-inch stretch of the EA500/550 to be powered by Williams International FJ33-5A-12 turbofan engines and with more cabin volume.
The bankruptcy proceedings had been prolonged while a group of unsecured creditors fought the Citiking investors’ bid to take possession of the company on its emergence from bankruptcy, but Citiking eventually prevailed, according to news reports.