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

AMA Drone Report

Airborne-Monday

Airborne-Tuesday

Airborne-Wednesday

Airborne-Thursday

Airborne-Friday

Airborne-Unmanned w/AUVSI

Airborne On ANN

AMA 09.21.17

Airborne 09.18.17

Airborne 09.19.17

Airborne 09.20.17

Airborne 09.21.17

Airborne 09.22.17

Airborne-Unmanned 09.19.17

Airborne-YouTube

AMA 09.21.17

Airborne 09.18.17

Airborne 09.19.17

Airborne 09.20.17

Airborne 09.21.17

Airborne 09.22.17

Airborne-Unmanned 09.19.17

NEW!!! 2017 AirVenture Innovation Preview -- YouTube Presentation / Vimeo Presentation

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

RFP: ANN Seeking New Site/Facility For Major Studio Upgrade

It's Official: Aggressive Upgrades For New Airborne Programs WILL Require New Digs It's been in development for years, but we're getting to a point where we think we can pull off s>[...]

Airborne-Unmanned 09.19.17: FAA OKs FL Drone Ops, ICAO Registry?, No Pot Drones

Also: FAA Reauthorization, Medical Drone Transport, USMC Quadcopters, Canister Launched UAS, Atlas Dynamics Airborne, primarily based in Jacksonville, FL is starting to recover fro>[...]

AMA Drone Report 09.21.17: AMA Expo West, Parrot Mambo, No Drone Pot Delivery

Also: Drone Injury Study, Cook County-IL, Northeastern Drone Society, Propel Star Wars Drones, GA UAS Integration One of the pinnacle model aviation events of the year is coming up>[...]

Airborne 09.21.17: Pilot Runs 4 Senate, Seaplane Base Hit, Sonaca 200

Also: Mitchell Airport, AMA, Plane v Elk, Ariane 6, Lakeville Airport, Alaska Airlines Airshow and test pilot Bob Bishop is launching a run for the United States Senate in 2018. He>[...]

AMA Drone Report 09.14.17: MultiGP NatÂ’l Championship, GDU O2, ICAO Registration

Also: AMA Monitoring Volunteer Drones, Aerix DaVinci, FAA ReAuthorization, TobyRich, ADR Test Pilots The 2017 MultiGP National Drone Racing Championship are being held now through >[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2017 Web Development & Design by Pauli Systems, LC