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Aviation company files bankruptcy

Aviation company files bankruptcy

Aviation Technology Group has filed for Chapter 7 bankruptcy after unsuccessfully trying to find a buyer for the very light jet company based at Front Range Airport in Jefferson County, according to court records.

The company ceased operations earlier this year and laid off 100 employees when it could no longer finance its lavish Javelin jet made out of carbon composite materials.

The company´s board of directors said in a letter dated April 23 that if ATG had not been bought by May 20, then it should liquidate. The bankruptcy filing was made May 23.

ATG has between 100 and 199 creditors and from $ 10 million to $ 50 million in assets, according to court documents.

The company has estimated liabilities at $ 50 million to $ 100 million, the filings say.

/ Новости