‘Plan B’ Announced for Adam Aircraft Sale

 - April 3, 2008, 12:03 PM

If an “acceptable bid” for the bulk assets of bankrupt Adam Aircraft isn’t received by the end of today, then the aircraft manufacturer’s individual assets will be sold in an online auction later this month by GoIndustry-DoveBid. Englewood, Colo.-based Adam Aircraft, which filed Chapter 7 bankruptcy on February 15, is being offered as an “enterprise sale” with bids in excess of $10 million due today by 5 p.m. MDT, with an auction set to take place tomorrow. But what is unknown is how high the bids will have to reach to be accepted during a scheduled hearing on Wednesday April 9. If all of the bids are rejected at this hearing, Adam’s assets will be sold piecemeal in an auction conducted live in Englewood and over the Internet on April 30 and May 1. This multimillion-dollar absolute auction would feature more than 1,500 lots, including aircraft, engines, avionics, parts inventory, heavy machinery, tooling, ovens, inspection equipment, interiors and raw material, among others.