ATG Files Chapter 7 Bankruptcy, Bye Marches On
ATG, maker of the fighter-like Javelin jet, suspended operations in December and as of May 23, ATG has filed for Chapter 7 bankruptcy. The Colorado-based company that once sought to deliver its subsonic two-place "executive" jet failed to find a buyer and now leaves between 100 and 200 creditors seeking some return on investments ranging from $10 million to $50 million. Court documents indicate ATG has liabilities ranging from $50 million to $100 million. Previous reports indicated that ATG's board had by March successfully negotiated deals with its main lenders and was seeking "final offer bids from prospective buyers to reach ATG within the next few weeks." By April, ATG's former chairman and president, George Bye, was seeking incentives to locate a new privately funded business venture, Bye Engineering, and May 27 announced that company had signed "a long term agreement" with Colorado-based machining company, Arrow Industrial.
According to Bye, Arrow can "provide unique research, prototyping and machining capability" that will "help capture the exciting opportunities utilizing alternative energy in aviation" -- a stated goal of Bye's new venture. Bye Engineering "is an engineering consulting company supporting the aerospace industry" with a focus on "new technology aerospace consulting and alternative energy applications."