“Inside every old person is a young person wondering what happened. ”
Grob Insolvent After loss of Funding
Grob Aerospace filed for insolvency in Germany after its main source of capital suddenly withdrew financial support for the SPn light business jet program. CEO Niall Olver said the loan provider pulled out because of further delays in the certification program and resulting increases in the amount of money required to get the aircraft into service. Grob is evaluating alternative means of financing. The SPn was expected to be certified in the fourth quarter, but this appears to be in doubt. The insolvency relates purely to Grob's German subsidiary, which employs 500 people.
The Zurich-based Swiss Grob AG holding company is still solvent, as is its new U.S. subsidiary in Portsmouth, N.H. Grob AG is currently developing a completions and delivery center for the SPn at St. Gallen-Altenrhein Airport in Switzerland. Bombardier expects Grob to continue as composite structures partner for the Learjet 85.