Englewood, Colo.-based Aviation Technology Group filed Chapter 7 bankruptcy in May to liquidate its assets. The company, which had been developing the two-seat Javelin and a military trainer version of the twinjet, suspended development of the VLJ program in late December since it wasn’t able to secure the needed additional funding. ATG laid off about 100 employees at that time. In its bankruptcy filing, ATG estimated it has $10 million to $50 million in assets and said it owes between $50 million and $100 million to around 200 creditors.
Another manufacturer throws in the towel
- July 7, 2008, 9:41 AM