Adam Aircraft files bankruptcy

AINonline
February 27, 2008, 5:51 AM

On February 15, Adam Aircraft voluntarily filed Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the District of Colorado, bringing an official end to the Englewood, Colo.-based start-up aircraft manufacturer after it ceased operations on February 11 (see page 1). In the filing, Adam Aircraft lists more than 200 creditors, $50 million to $100 million in liabilities and between $1 million and $10 million in assets. The court has appointed a trustee to liquidate the company’s assets, which include the type certificate for the A500 piston twin, several A500s in various stages of production and three flying A700 very light jets that were being used for certification trials. A hearing date had not been set at press time. Meanwhile, the major business aircraft manufacturers are holding job fairs in Denver, seeking to hire the more than 500 skilled employees Adam Aircraft laid off last month.

FILED UNDER: 
Share this...

Please Register

In order to leave comments you will now need to be a registered user. This change in policy is to protect our site from an increased number of spam comments. Additionally, in the near future you will be able to better manage your AIN subscriptions via this registration system. If you already have an account, click here to log in. Otherwise, click here to register.

 
X