Aero-News Alert: Adam Aircraft Shut-Down Confirmed | 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 08.31.15

Airborne 08.25.15

Airborne 08.26.15

Airborne 08.27.15

Airborne 08.28.15

Airborne Hi-Def On YouTube

Airborne 08.31.15

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

Mon, Feb 11, 2008

Aero-News Alert: Adam Aircraft Shut-Down Confirmed

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. 

FMI: www.adamair.com

Advertisement

More News

Airborne 08.31.15: CAP 'Total Force' Upgrade, NBAA v User Fees, Airshow Loss

Also: Buzz Aldrin Space Institute, Drone Spots Shark, Texting Accident, SECAF At BellHeli, B4UFLY App, NTSB MidAir Prelim, ERAU Drones Last week ANN’s Jim Campbell was fortun>[...]

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>[...]

Airborne 08.31.15: CAP 'Total Force' Upgrade, NBAA v User Fees, Airshow Loss

Also: Buzz Aldrin Space Institute, Drone Spots Shark, Texting Accident, SECAF At BellHeli, B4UFLY App, NTSB MidAir Prelim, ERAU Drones Last week ANN’s Jim Campbell was fortun>[...]

French Authorities Question Source Of Reunion Island Debris

Can't Say With Certainty That Flaperon Is From MH370 French authorities are not ready to say with certainty whether the flaperon that washed up on Reunion Island in late July is a >[...]

AeroSports Update: Van’s RV-12 Reaches A Milestone

Van’s Aircraft Proves That People Are Interested In Amateur-Built Light Sport Aircraft It’s hard to determine how many people are exercising sport pilot privileges whil>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

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