The sale of Adam Aircraft’s assets took place as scheduled on Tuesday, according to Jan D’Angelo, the former senior vice president for international and fleet sales for the aircraft manufacturer. D’Angelo and a group of former employees formed AAI Acquisition with Russian company Industrial Investors to bid on the assets of bankrupt Adam Aircraft, and sole bidder AAI won the assets with a bid of $10 million, the minimum figure acceptable by the auction administrators. “Now we’re going about the business of reopening the premises,” said D’Angelo, “doing a lot of housekeeping.” AAI is taking over Adam Aircraft’s properties at Centennial Airport in Englewood, Colo., but not facilities in Pueblo, Colo., and Ogden, Utah. The Ogden facility was shut down before the bankruptcy and Pueblo was down to two employees. When D’Angelo and crew reentered the Centennial facilities yesterday, everything was dusty, he said. “It will take some time to get in order.” AAI plans to begin hiring full-time employees on May 1 in preparation to put the A700 very light jet certification program back on track. “Everybody is pretty excited about going back to work and putting this together,” said D’Angelo.
Sale Closed, AAI Preps To Reopen Adam Aircraft
- April 17, 2008, 10:07 AM