More than two months after letting go of most of its employees, Aviation Technology Group reported today that it has completed the renegotiation of credit agreements and is focused on negotiations for a sale or majority buyout of the company.
According to a statement, the Centennial Airport-based company has also completed renegotiation of “teaming agreements” and said its plan is to ask for best and final offer bids due in the next few weeks.
The company’s discussions “include developing alternatives to continue operations in the short-term as well as long-term options.”
Last December, ATG let go of almost all of its 50 employees and suspended development of its Javelin very light jet.
After that move, company officials started talks with partner Israel Aerospace Industries, seeking a greater investment in ATG. Israel Aerospace Industries has been a major investor in ATG and a planned partner for production of military aircraft.
ATG was founded in 1998. It has been developing a two-seat, $3 million aircraft that is targeted at wealthy pilots but had not yet received Federal Aviation Administration certification.
ATG had planned to open a location at Front Range Airport but delayed that step because of funding problems.
Adam Aircraft, another very light jet developer based at Centennial Airport, shut down operations in February and is going through Chapter 7 bankruptcy liquidation.
Kelly Yamanouchi: 303-954-1488 or kyamanouchi@denverpost.com
