There’s Still a Glimmer of Hope for ATG Javelin

 - March 4, 2008, 11:08 AM

Since suspending the development of the Javelin very light jet program in late December, the board of directors at Aviation Technology Group has continued “to engage in negotiations with its strategic partner and various financial institutions,” the company said in a statement released late this afternoon. ATG’s strategic partner is Israel Aerospace Industries, with which it was planning to develop a military trainer version of the civilian two-seat jet. “These discussions include developing alternatives to continue operations in the short term as well as long-term options. Much of the focus over the last several weeks has been in renegotiating both credit and teaming agreements…[which] has been accomplished,” the company added. According to ATG, the board’s efforts are now “focused on negotiations with interested parties pursuing a possible sale or a majority buyout of ATG.” The company said several teams are pursuing potential buyers, with the “best and final offer bids from prospective buyers [expected] to reach ATG within the next few weeks.” At that point the board will review all bids and negotiate with interested parties.