PURCHASE, N.Y - The U.S. Bankruptcy Court in the Southern District of New York has approved a process and schedule for the auction and sale of Eos Airlines and its assets.

Eos, the premium class New York to London carrier known for its operational excellence and uncrowded guest experience, filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code on April 26, 2008.

Through the auction and sale process, Eos hopes to sell either its business to a party interested in restarting Eos as a going concern or all of Eos’ most valuable assets to one or more purchasers. The court also approved procedures for the sale of certain de minimis assets on an expedited basis.

The Court approved approve bidding procedures and scheduled an auction to approve a successful bid. The deadline for submission of bids for any of the assets of Eos is May 28, 2008, with an auction to take place on June 9, 2008. The full motion, containing details of the procedures and the schedule leading up to the auction can be found at www.kccllc.net/eosairlines.

Bidding procedures can also be obtained by contacting Nick Alvarez of Alvarez & Marsal at malvarez@alvarezandmarsal.com. Alvarez & Marsal is Eos’ financial advisor. Menzies Corporate Restructuring is acting as joint administrators in the U.K. Squire Sanders & Dempsey LLP is bankruptcy counsel.

All court filings and other information can be found at www.eosairlines.com and at www.kccllc.net/eosairlines.

Posted: 05|24|08 at 8:41 am. Filed under: Auction News.