By Aaron Baca Journal Staff Writer
It's crunch time for Eclipse Aviation.
Eclipse officials are waiting to see if they hear from customers who want their deposits back over the next eight weeks since the company announced production of its jet could be delayed by as much as two years.
Customers have until the end of March to decide whether they still want to buy an aircraft, according to deposit agreements they signed with Eclipse.
The company's announcement on Monday that the Eclipse 500 twin-engine business jet may not be certified with federal regulators until the third quarter of 2006 — and that the plane's selling price has risen — means customers may be able to invoke an exit clause in agreements they signed.
"Our customers do have the option to request a refund," said Dottie Hall, Eclipse's vice president in charge of marketing.
"At this point no one has (asked for a refund). But they have until (the end of) March to decide and we're waiting to see what decisions they will make."
According to its agreement with would-be buyers, Eclipse had promised to meet certain milestones and performance criteria for the jet.
In particular, Eclipse guaranteed three criteria that have changed with Monday's announcement. Customers were promised:
Purchase price of $837,000 in June 2000 economics, although the price could increase as much as 5 percent, according to Eclipse's agreement with buyers;
FAA certification by December 2004; and
Stall speed of 62 knots.
On Monday, Eclipse said its aircraft would likely not be certified until 2006, that its price would climb to $950,000 and $975,000 for current deposit holders, and that its stall speed would increase 5 knots to 67 knots.
Hall said that customers Eclipse has had contact with so far have expressed few reservations about the new price and performance specifications for the Eclipse 500. She said the longer development schedule, however, could turn some customers away.
Eclipse has about 2,200 orders so far for the Eclipse 500. Prior to Monday's announcement, the company said, it has had two customers withdraw orders.
Eclipse dropped its former engine maker in November after problems with that company's engine and has been negotiating with two engine makers since.
So far, no announcement about a new engine for the Eclipse has been made.
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