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Jet maker looking for buyer

Jet maker looking for buyer

Aviation Technology Group, which ceased development of its much-hyped jet late last year after running into funding problems, has renegotiated its credit agreements and is now looking for a buyer.

The Arapahoe County-based aircraft company´s board of directors is "focused on negotiations with interested parties" regarding a sale or a majority buyout, ATG said in a statement.

"Multiple teams are pursuing a list of potential buyers," the company said. "Though subject to change, the general plan in this regard is to ask for best and final offer bids from prospective buyers to reach ATG within the next few weeks. At that point the board will review all bids and negotiate with interested parties."

Calls to Mike Masciarelli, a press contact listed on the release, were not returned. ATG, founded in the late 1990s, was working to win federal certification of its advanced lightweight sports jet, called the Javelin. But the company couldn´t secure $200 million in financing to carry it through the approval process, forcing it to cut almost all its employees and shut down operations.

At one point, ATG employed more than 100 workers - primarily at its Centennial Airport headquarters - and had plans to hire hundreds more.

ATG is one of two once-promising aircraft manufacturers in Colorado that halted operations in recent months. Adam Aircraft, also based at Centennial Airport, closed its doors several weeks ago and filed for Chapter 11 bankruptcy.

The trustee in Adam Aircraft´s bankruptcy case hopes to close a bulk sale of the company´s assets by late April.

Combined, the two companies laid off nearly 750 workers at their Centennial headquarters.

/ Новости