AAI Acquisition, the company formed to buy the assets of bankrupt Adam Aircraft Industries, is closing its doors at Centennial Airport in Englewood, Colo. “It’s come to a very quiet and sad ending,” said Robert Olislagers, airport director of Centennial Airport, where Adam Aircraft certified and produced the composite A500 piston twin and tried to certify the A700 very light jet. Russian investment firms Industrial Investors and Kaskol bought the assets of bankrupt Adam Aircraft early last year for $10 million. After ramping up and rehiring former Adam employees, the company retrenched last November, suspending A700 development but offering composites design and construction services to other companies. In February, AAI said it was looking for a strategic partner “to continue the growth of the company.” During the past week-and-a-half, Olislagers said, AAI employees emptied out the company’s Centennial facilities. Russian charter company Dexter, also owned by Industrial Investors/Kaskol, ordered 20 Cessna Mustangs last year, but AIN has learned that this order has been cancelled.
Remnants of Adam Aircraft See Final Shutdown
- April 30, 2009, 12:15 PM