SPn developer officially declares insolvency
Grob Aerospace GmbH was formally declared insolvent on November 1.

Grob Aerospace GmbH was formally declared insolvent on November 1. This happened almost 11 weeks after the German manufacturer filed for preliminary insolvency on August 18 following the sudden withdrawal of its main financial backer. Its Swiss parent, Grob AG, was also declared insolvent a few days later in early November.

At press time, German insolvency administrator Dr. Michael Jaffé was expected to resolve Grob Aerospace GmbH’s future within 30 days, by early this month. On November 17, Grob CEO Niall Olver told AIN that, with the company now insolvent, the situation is more of a “clean slate” in which it might actually be more straightforward for one of the parties that has been interested in buying all or part of the firm to close a deal.