Alpha Flying Stands By Grob Jet Order Despite Grob Financial Problems
08-21-2008, 06:17 PM
#1
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Joined APC: Jul 2006
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Alpha Flying Stands By Grob Jet Order Despite Grob Financial Problems
I hope it happens for you guys. Grob is having severe liquidity issues but that doesn't mean it is over. Hopefully they will find some good investors who will focus on the long term. Grob already had 3-4 test airplanes flying. I am a little surprised about the CEO's statement below about the anticipated arrival of the Grob - the Alpha Flying ads claim the Grob was expected to arrive at the end of Q4 2008... See below:
Despite Grob’s Woes, PlaneSense Stands By SPn Order
George Antoniadis, the president and CEO of Alpha Flying’s PlaneSense fractional ownership program, is standing by the company’s order for 25 Grob SPn midsize jets. “We do feel that it is the right aircraft for us, and at this time we’re sticking with it,” he told AIN. “We have not canceled our order.” Grob Aerospace filed for insolvency on Monday after a “loan provider” withdrew financial support of the SPn program. Antoniadis said that if the program is delayed further, Alpha Flying will redirect its resources, including pilots, to its Pilatus PC-12 program. “Because of the time remaining until the anticipated introduction of the SPn, we have the flexibility to redeploy resources as we see fit,” he said. Antoniadis added that he has planned the timing and resources to coincide with the airplane’s introduction late next year. “We were not expecting an airplane next month,” he said. According to Antoniadis, his company has not yet released Grob SPn shares for sale, although it does have “strong interest” from customers.
Despite Grob’s Woes, PlaneSense Stands By SPn Order
George Antoniadis, the president and CEO of Alpha Flying’s PlaneSense fractional ownership program, is standing by the company’s order for 25 Grob SPn midsize jets. “We do feel that it is the right aircraft for us, and at this time we’re sticking with it,” he told AIN. “We have not canceled our order.” Grob Aerospace filed for insolvency on Monday after a “loan provider” withdrew financial support of the SPn program. Antoniadis said that if the program is delayed further, Alpha Flying will redirect its resources, including pilots, to its Pilatus PC-12 program. “Because of the time remaining until the anticipated introduction of the SPn, we have the flexibility to redeploy resources as we see fit,” he said. Antoniadis added that he has planned the timing and resources to coincide with the airplane’s introduction late next year. “We were not expecting an airplane next month,” he said. According to Antoniadis, his company has not yet released Grob SPn shares for sale, although it does have “strong interest” from customers.
08-22-2008, 02:21 AM
#2
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Joined APC: Jul 2008
Posts: 138
Yes. Grob is very cash strapped.
Cash-strapped Grob looks for options
By Tom Horne
Grob Aerospace, the German manufacturer behind the all-composite Grob SPn twinjet, has declared bankruptcy.
CEO Niall Olver said in a statement that recent delays in the SPn program had caused increased cash requirements in order to see the aircraft through to certification. “As such, our current loan provider has elected to discontinue support, with immediate effect,” he said.
Even so, Olver remains optimistic, citing the successful flight of the No. 4 test aircraft on Aug. 7, and stating that the SPn is well on the way to certification. All possible options are being evaluated, Olver said, adding that he remains “confident that this disruption will be overcome and that we can move forward in confidence in the near future.”
This is the second time that Grob has encountered a stumbling block on the way to the SPn’s certification. In November 2006 the No. 2 SPn prototype crashed after takeoff, killing its test pilot.
August 19, 2008
Cash-strapped Grob looks for options
By Tom Horne
Grob Aerospace, the German manufacturer behind the all-composite Grob SPn twinjet, has declared bankruptcy.
CEO Niall Olver said in a statement that recent delays in the SPn program had caused increased cash requirements in order to see the aircraft through to certification. “As such, our current loan provider has elected to discontinue support, with immediate effect,” he said.
Even so, Olver remains optimistic, citing the successful flight of the No. 4 test aircraft on Aug. 7, and stating that the SPn is well on the way to certification. All possible options are being evaluated, Olver said, adding that he remains “confident that this disruption will be overcome and that we can move forward in confidence in the near future.”
This is the second time that Grob has encountered a stumbling block on the way to the SPn’s certification. In November 2006 the No. 2 SPn prototype crashed after takeoff, killing its test pilot.
August 19, 2008
