New Investors Could Restart SPn Light Jet Program

 - March 17, 2009, 11:24 AM

Former Grob Aerospace chief executive Niall Olver confirmed to AIN that he is trying to put together a deal to restart development of the SPn light business jet, which was suspended when the group had to initiate insolvency proceedings last year. One option being considered in talks with undisclosed interested parties is the establishment of a fund with which they would jointly buy the SPn assets from the main Grob Aerospace creditor. The SPn assets are now held by a new, and as yet unnamed, company that is wholly owned by the creditor. The insolvency process is essentially complete and the German administrator who handled the process for the group’s Germany-based operating company Grob Aerospace GmbH no longer has any involvement in the resale of the assets. The main creditor has now mandated Olver to assemble the group of new investors to buy the company holding the SPn assets. According to Olver, almost two-thirds of former Grob engineers have indicated that they would return to the program and, therefore, certification work could resume immediately after the ownership issue is resolved at a new location in southern Germany.