Grob news

Just picked up the insolvency news from the Aus-Soaring newsgroup.
You can find it on Grob's website.
http://www.grob-aerospace.com/news/overview.html
Jim

08/19/08 - Message from Niall Olver, CEO Grob Aerospace

Effective 18 August 2008, Grob Aerospace GmbH in Germany has been
forced
to file for insolvency.

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 program through to certification. Under the circumstances, our
current loan provider has elected to discontinue their support.

In order to resolve the situation all possible alternatives are being
evaluated. Given the significant support we have enjoyed to date, I
remain confident that this disruption can be overcome. I am sure that
37
years of pioneering composite aircraft manufacturing will survive. The
company spirit, the support we have received from employees,
suppliers,
customers, fellow stakeholders and the media demonstrates a
significant
interest in Grob remaining in business as a civil & military training
aircraft manufacturer.

It is a testimony to all involved that amidst this situation, our 4th
prototype flew successfully on 7th August 2008; and thus further
demonstrating that Grob Aerospace is advanced on the way to certify an
aircraft that well promises to meet its specification.

Please accept that the severity and significance of this situation is
not at all lost on us, and we are working relentlessly on a solution
to
ensure the minimum impact to employees, customers, other stakeholders
and supporters.

At this junction I would like to thank those of you that have
supported
Grob Aerospace so overwhelmingly over the years, as well as for the
enthusiasm for the spn program.