Reports: Buyer Agrees To Pay $10 Million For Adam Aircraft | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

Monday

Tuesday

Wednesday

Thursday

Friday

Airborne On ANN

Airborne 08.24.15

Airborne 08.25.15

Airborne 08.26.15

Airborne 08.27.15

Airborne 08.28.15

Airborne Hi-Def On YouTube

Airborne 08.24.15

Airborne 08.25.15

Airborne 08.26.15

Airborne 08.27.15

Airborne 08.28.15

EAA/ANN AirVenture Innovation Preview

AIP-#1 Vimeo

AIP-#2 Vimeo

AIP-Part 1 YouTube

AIP-Part 2 YouTube

Sun, Apr 06, 2008

Reports: Buyer Agrees To Pay $10 Million For Adam Aircraft

Hearing On Sale Expected This Week

They may be down... but not necessarily out. Less than two months after Adam Aircraft Industries announced it would enter Chapter 7 liquidation, a possible buyer has emerged that might allow the A500 inline piston twin aircraft, and its A700 VLJ sibling, to return to the skies.

The Denver Post reports the trustee in the bankruptcy case agreed Saturday to sell Adam to an entity called AAI Acquisition for the sum of $10 million, plus settling up with some of the planemaker's other creditors. Paul Zarnowiecki at the Washington, DC-based law firm Orrick, Herrington & Sutcliffe LLP is listed as the contact person for the buyer.

As ANN reported, Adam Aircraft filed for liquidation February 19, eight days after the company shut down its operations in Denver and Pueblo, CO. Hints of significant problems at Adam came to light the month before, with the company's announcement of layoffs for close to 300 workers, and the suspension of operations in Pueblo and Ogden, UT.

At the time, the company cited the need to overcome past issues with the certification of its A700 very light jet, and obtain capital to see that program through to TC, as reasons for the decision.

Adam delivered about seven A500s to customers in 10 years of operations, and had pinned its hopes on the A700 -- which had attracted far more orders than the A500, including several from air taxi operators, and also shares several components with its piston-powered sibling.

A hearing on the sale is to occur Wednesday, the Post added. It is believed AAI Acquisition's bid was the only qualified one received; it's not known yet whether the new owner will hire former Adam workers.

FMI: www.adamaircraft.com, www.orrick.com

Advertisement

More News

RFP: ANN Considering Future Options For HQ Relocation

A Very Bright Future For ANN, Aero-TV, and Airborne May Require Some New Digs ANN may be looking for a new home... hopefully, a permanent one. We're currently inviting proposals fo>[...]

Airborne 08.28.15: 'Big' Bezos Announcement?, MA Aero-Taxes, Harrison Ford

Also: Barnstorming: The FAA v Hoover Fight Ain’t Over, Hail-Damaged Dreamliner, UAV Shooter Charged, NASA Global Hawk, MiG-21 Lancers, ICAO Manual Blue Origin founder and Ama>[...]

Airshow Pilot Lost In In-Flight Breakup

Andrew Wright Lost As Giles G-202 Suffers Fuselage Seperation/Failure It's been a tough few weeks for the airshow industry... and now this -- a practice flight, Friday, August 28th>[...]

Aero-News: Quote Of The Day (08.30.15)

“This contract extension is significant for the TSA pilots. Our last round of negotiations that resulted in our current contract took more than five years, so we are pleased >[...]

ANN's Daily Aero-Term (08.30.15): Permanent Echo

Permanent Echo Radar signals reflected from fixed objects on the earth’s surface; e.g., buildings, towers, terrain. Permanent echoes are distinguished from “ground clut>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2015 Web Development & Design by Pauli Systems, LC