With court reprieve, Grob staves off bankruptcy | Aviation International News

Finance, Taxes, Insurance

With court reprieve, Grob staves off bankruptcy

Grob Aerospace CEO Niall Olver has been given more time to secure fresh investors for the insolvent German manufacturer of the SPn light business jet.

By Charles Alcock • Managing Editor

September 30, 2008

Grob Aerospace CEO Niall Olver has been given more time to secure fresh investors for the insolvent German manufacturer of the SPn light business jet. Insolvency administrator Dr. Michael Jaffé has recommended to the German court in which Grob Aerospace GmbH filed for insolvency on August 18 that the company’s bankruptcy protection be extended beyond the initial 30-day assessment period. Meanwhile, a Swiss court has also agreed to postpone bankruptcy proceedings for its Swiss-based Grob AG parent company, lifting the threat of the company’s assets being liquidated in the near future.

Olver told AIN that he is continuing talks with three prospective new investors–one from within the aviation industry and the other two financial groups. He indicated that more than €100 million ($142 million) of new capital will be required to resuscitate Grob. This amount would both replace funds withdrawn by the company’s undisclosed main investor in mid-August and provide additional money to cover the cost of completing certification of the SPn.

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