Signs of life at ATG

Aviation Technology Group (ATG), developer of the Javelin very light jet, shut its doors in December but now reports that new owners may take over the firm.

Aviation Technology Group (ATG, Englewood, Colo.), developer of the Javelin very light jet, shut its doors in December but now reports that new owners may take over the firm. The company issued the following statement on March 4:

Since suspending the development of the Javelin in late December 2007, the Aviation Technology Board of Directors has continued to engage in negotiations with its strategic partner and various financial institutions. These discussions include developing alternatives to continue operations in the short-term as well as long-term options.

Much of the focus over the last several weeks has been in renegotiating both credit and teaming agreements. We are pleased to report that this task has been accomplished.

The efforts of the Board are now focused on negotiations with interested parties pursuing a possible sale or a majority buyout of ATG.

Multiple teams are pursuing a list of potential buyers. Though subject to change, the general plan in this regard is to ask for best and final offer bids from prospective buyers to reach ATG within the next few weeks. At that point the board will review all bids and negotiate with interested parties.