Very light jet developer Adam Aircraft has laid off 300 employees and temporarily suspended operations at its satellite facility in Ogden, Utah. “To provide for our future growth,” said Adam Aircraft president Duncan Koerbel, “we must be strategic in our focus by managing current cash expenditures to ensure adequate time to secure financing for the long term. We’re off to a good start in this effort with assistance from our partner, Citibank, but we need to be able to provide them with sufficient time working with potential investors to secure long-term financing.”
The company is seeking be-tween $35 million and $150 million for its next round of financing. The first critical financing round needed to raise $30.5 million by the end of last month. As of late December it had secured $5.5 million, but if it didn’t reach the goal by that time, some company assets might be liquidated to satisfy obligations to “senior lenders,” according to CEO John Wolf.
