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 08.22.14 ** HD iPad-Friendly -- Airborne 08.22.14 **
** Airborne 08.20.14 ** HD iPad-Friendly -- Airborne 08.20.14 **
** Airborne 08.18.14 ** HD iPad-Friendly -- Airborne 08.18.14 **

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

Experimental SpaceX Vehicle Lost In TX Test Flight

As SpaceX Knows, That's Why They Call Them 'Test Flights' Initial Report by ANN Space Correspondent, Wes Oleszewski "So we're 5-for-5 testing on this Grasshopper. Wahoo! But, but t>[...]

Airborne 08.22.14: Russians Nix Global Gyro, Alphabets Fight FAA, F-16s Cracking

Also: Ferguson TFR, Soaring Company's S.O.S., High Altitude Balloons, Remembering Vicki Cruse An attempt to fly the first gyrocopter around the world by Norman Surplus has been foi>[...]

Aero-TV: Honoring Our Legacy - Recrafting Paul’s Game-Changing Baby Ace

A Bit Of History Lovingly Restored To The Sport Aviation World ANN's Michael Maya Charles had to search around at EAA AirVenture 2014 to find this story. The Aeroplane Factory buil>[...]

Airborne 08.22.14: Russians Nix Global Gyro, Alphabets Fight FAA, F-16s Cracking

Also: Ferguson TFR, Soaring Company's S.O.S., High Altitude Balloons, Remembering Vicki Cruse An attempt to fly the first gyrocopter around the world by Norman Surplus has been foi>[...]

ANN's Daily Aero-Linx (08.23.14)

National Association of Priest Pilots The stated purpose of is group is to promote the use of private aircraft as a practical, safe, and efficient tool of the apostolic work of a p>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2014 Web Development & Design by Pauli Systems, LC