Status:  Clearance

Acquirer:             Citiking International US LLC (China)

Acquired:            One Aviation Corporation (US)

Value:                    US$198.8 million debt value

Industry:              Aerospace

Turbine and bladesFollowing an October 10, 2018, bankruptcy filing by One Aviation Corporation (a small aircraft manufacturer based in Albuquerque, New Mexico, producing both a turbo propulsion and jet propulsion model), a senior lender, the Chinese backed company Citiking International US LLC, became the debtor in possession of One Aviation.  (See AIN Online, One Aviation Continues Slog Through Chapter 11, Jan. 3, 2019).  Under a proposed Joint Prepackaged Chapter 11 Plan of Reorganization for ONE Aviation Corporation and Its Debtor Affiliates, Citiking’s debt would be converted to equity.  (See document at In re ONE Aviation Corporation, ECF 13, Dkt. No. 18-12309-CSS, Bankr. D. Del., Oct. 10, 2018.)  According to public reports in March 2020 about the Chapter 11 bankruptcy proceeding, “ONE Aviation . . . has obtained clearance from the Committee on Foreign Investment in the United States (CFIUS) for its 100% acquisition by Citiking International US LLC . . .”  (Global Legal Chronicle, ONE Aviation’s Chapter 11, March 11, 2020.)  A new buyer has since been approved to acquire Eclipse jet assets of One Aviation Corporation.  (See AIN Online, Court Clears Eclipse Sale to AML, but Citiking Appeals, Nov. 23, 2020; AML Global Press Release, AML Global Eclipse LLC to purchase the Eclipse Aircraft project, Oct. 22, 2020).

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