Grob Files For Insolvency
Grob Aerospace unexpectedly filed for insolvency on Tuesday after its lead lender pulled out. In a statement, CEO Niall Olver said he hopes the situation is temporary as the company scrambles to find new money to finish certification of its SPn business jet. "I am sure that 37 years of pioneering composite aircraft manufacturing will survive," Olver said. "The company spirit, the support we have received from employees, suppliers, customers, fellow stakeholders and the media demonstrates a significant interest in Grob remaining in business as a civil and military training aircraft manufacturer." The decision by the unidentified lender came 10 days after the first flight of the fourth certification test aircraft and, according to Olver, was motivated by increasing cash demands caused by delays in the certification program. Bombardier Aerospace says it doesn't expect the news to affect development of the Lear 85 business jet, in which Grob is playing a major role.
Grob is building the prototype of Bombardier's first composite aircraft and spokesman Leo Knappen told AVweb the program will continue without interruption. "Grob will continue to operate under the supervision of the insolvency administrator and we're developing the program as scheduled," Knappen said. "We're fully committed to this program." Bombardier will unveil a mock-up of the Lear 85 at the National Business Aviation Association convention in Orlando in early October.