Adam Aircraft Files Bankruptcy

 - February 19, 2008, 9:49 AM
On Friday, Adam Aircraft voluntarily filed Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the District of Colorado, bringing an official end to the Englewood, Colo.-based start-up aircraft manufacturer after it ceased operations on Monday last week. In the filing, Adam Aircraft lists more than 200 creditors, $50 million to $100 million in liabilities and between $1 million and $10 million in assets. The court has appointed a trustee to liquidate the company‚Äôs assets, which include the type certificate for the A500 piston twin, several A500s in various stages of production and three flying A700 very light jets that Adam was using for certification trials. A hearing date had not been set at press time. Meanwhile, the major business aircraft manufacturers are holding job fairs in Denver,  seeking to hire the more than 500 skilled employees Adam Aircraft laid off last week.