Russian Investors Seek Partners or Buyers for AAI

 - January 30, 2009, 2:16 AM

Russian investment firm Industrial Investors today announced it is seeking to sell all or a portion of AAI Acquisition, the company formed to buy the assets of bankrupt very light jet developer Adam Aircraft Industries last April. According to a company spokesman, “All options are on the table, and our goal is to see [the A700 very light jet] succeed.” He added that Industrial Investors would prefer to find a partner to develop the A700, but it would also sell AAI outright if needed. The Russian firm has set a deadline for “initial requests” of February 28. In November, AAI downsized from about 100 to 35 employees and further slowed development of the A700. A month later it said it revised its business plan to offer engineering and composite manufacturing services to other companies. The spokesman said this plan is going well, with two OEMs already selecting AAI for consulting work, while more talks are continuing with other companies.