Sole Bidder Offers $10M for Adam Aircraft Assets

AINalerts » April 8, 2008
April 8, 2008, 9:51 AM

The U.S. Bankruptcy Court for the District of Colorado announced on Friday that the trustee for the assets of bankrupt aircraft manufacturer Adam Aircraft accepted the sole bid of $10 million from AAI Acquisition for the company’s combined assets. Englewood, Colo.-based Adam Aircraft, which manufactured the certified A500 piston twin and was working on certification of the A700 very light jet, entered Chapter 7 bankruptcy on February 15. The $10 million offer was the minimum required bid amount. A final hearing will be held tomorrow at 10 a.m. to approve the sale. AAI Acquisition’s vice president is listed in the sale notice as Dmitry Shokhin. Although it isn’t mentioned in the sale notice, AIN has learned that a group of former Adam Aircraft employees backed by Russian investors is behind the acquisition company. If approved by the bankruptcy judge, AAI will acquire Adam Aircraft patents and trademarks (including one for an A600 turboprop single), property leases, inventory, unfinished airplanes, tooling, equipment, software, contracts and other paperwork.

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