The next chapter for bankrupt Adam Aircraft will start Friday, April 4, when the start-up aircraft manufacturer’s bulk assets are set to be auctioned. According to an Adam Aircraft bankruptcy Web site set up for creditors and “other interested parties,” those hoping to buy the company have until Thursday, April 3, to submit a minimum bid of $10 million. According to information that AIN obtained, at least 10 non-disclosure agreements have so far been signed by parties interested in Adam Aircraft’s assets. These assets include the type certificate for the A500 piston twin, production tooling, A700 test aircraft and several partially built A500s. If all goes as planned, the sale to the winning bidder will be approved by the U.S. Bankruptcy Court in Denver on April 10 and closed on April 15, two months to the day since Adam’s bankruptcy filing. Meanwhile, news reports have suggested that company founder and former chairman and CEO Rick Adam made personal guarantees to the city of Pueblo for a $2 million job-creation incentive given to the now-defunct manufacturer, a promise that could hit him in the pocketbook despite the company’s bankruptcy filing.
Adam Aircraft Auction Next Week
- March 25, 2008, 11:24 AM