Mon, Feb 11, 2008
Adam Shuts Down... For Now
ANN RealTime Update -- 1727 EST, 02.11.08:
Official Statement -- Adam Aircraft Suspends
Operations
"In a difficult but necessary move, Adam Aircraft Industries
suspended operations today at its facilities in Colorado. This
measure was required due to the inability of the company to come to
terms with their lender for funding necessary to maintain business
operations. The company is currently exploring all of its
alternatives and will provide further guidance when decisions are
made, which is expected to be later this week."
Initial Report -- 1602
EST, 02.11.08: ANN has confirmed that Adam Aircraft has
shut down ALL operations for the moment... pending future
decisions on the part of those holding the purse strings. Officials
representing the decision-makers (i.e., the lenders) for Adam
Aircraft ordered the doors shut, while personnel were told to
go home and await further instructions, as of today (Monday,
02.11.08).
While information remains sketchy until further details emerge
(and are promised momentarily), negotiations have been ongoing for
some weeks now, in search of a funding solution for Adam's
continued development and production plans. Those efforts have
failed to achieve a feasible result.
As a result, a decision was made to shut the doors. This
decision has been made 'pending any possible future funding
solutions' in order to preserve what cash remains while they await
what may be (hopefully) a more positive set of decisions. Please
note that Adam spokespersons maintain that they do hold out hope
for a possible restart in the not-too-distant future and
confirmed that negotiations for possible funding solutions
continue at this time.
There have been no reports of a bankruptcy filing, and informed
sources indicate that such rumors are "premature" based
on the continuing search for a funding deal.
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