Englewood, Colo.-based would-be very light jet manufacturer Aviation Technology Group recently filed Chapter 7 bankruptcy 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, leaving only a handful of company executives at the helm. ATG’s board of directors attempted “to engage in negotiations with its strategic partner [Israel Aerospace Industries] and various financial institutions” to obtain more funding or sell the company to interested parties, but those plans apparently fell through, forcing the company to file for liquidation late last month. 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 fewer than 200 creditors. A meeting of creditors is scheduled to take place on June 25 in Denver.
Aviation Technology Group Throws in the Towel
- June 3, 2008, 11:36 AM