Grob Aerospace has been forced to file for insolvency in Germany after the SPn light jet manufacturer's loan provider decided to withdraw its backing with immediate effect.
"This unfortunate situation has arisen as a consequence of recent delays in the SPn program, resulting in the increased requirement for cash to see the programme through to certification," says Grob Aerospace CEO Niall Olver.
"In order to resolve the situation all possible alternatives are being evaluated," he adds. "Given the significant support we have enjoyed to date, I remain confident that this disruption can be overcome."
© Grob Aerospace
Grob Aerospace is headquartered in Zurich, Switzerland, but has its research, development, manufacturing and assembly facilities in Tussenhausen-Mattsies, Germany, where it maintains its own airfield.
Olver says that he and his management team are "working relentlessly on a solution to ensure the minimum impact to employees, customers, other stakeholders and supporters".
The financial crisis has arisen despite the SPn utility jet advancing closer to certification, with the fourth test aircraft having made a successful maiden flight on 7 August. The second prototype crashed in November 2006, killing the company's chief test pilot.
Composite aircraft specialist Grob Aerospace has delivered more than 3,500 aircraft since 1971, including gliders and high-altitude, training and special mission aircraft.
Source: Flight International