Adam Air bites the dust

[Kelowna Pilot]

Some sad news...

Adam Air out of Colorado (they were the designers behind some pretty neat looking new planes) have become the latest victim of the widening credit squeeze.

[Crobe]

Adam, as in the A500 & A700?

[C-GPFG]

Yes....

[Kelowna Pilot]

Yes.

[Adam Oke]

That's unfortunate ... some neat looking aircraft there.

Guess theres a new opening for my company name in the future

[unknowingly upsidedown]

didn't they have a huge contract with some chinese air taxi for something like 200 planes? i seem to remember reading that in a magazine some time.

[Over the Horn]

To bad, it looked like the A500 would be a replacement for the Navajo or at least a great doctor killer.

[Crobe]

So....is Cessna in the market for a new "huffer/puffer"? This seems to be right up their alley these days.

[bandit1]

Speaking of Cessnas, it blows my mind that nobody has come up with a small turbine engine factory built plane yet. There's turbine powered bonanzas, Lancairs and even a turbine super cub flying around. Turbine Bird Dog with an Allison 250 was produced in Italy years ago but nothing in the past few years has been certified to my knowledge.

You'd think it would be a good idea.

[Human Factor]

Speaking of Cessnas, it blows my mind that nobody has come up with a small turbine engine factory built plane yet. There's turbine powered bonanzas, Lancairs and even a turbine super cub flying around. Turbine Bird Dog with an Allison 250 was produced in Italy years ago but nothing in the past few years has been certified to my knowledge.

You'd think it would be a good idea.

I'm thinking it would be cost prohibitive. People tend to buy small GA aircraft because of their (relatively) low cost... tossing a turbine into the equation could possibly price the machines out of the hands that are buying them. Just a hazy thought from 07:00...

[Mig29]

no way, thats a shocker, I thought they were well under way to start delivering their "fat" order list?? Or did they just get bought over by others?!

[Wally3Wheels]

Looks like it's true. They had some interesting aircraft.

Adam Aircraft Suspends Operations
Englewood, Colorado, February 11, 2008 —— In a difficult but necessary move, Adam Aircraft Industries suspended operations today at its facilities in Colorado. This measure was required due to the inability of the company to come to terms with their lender for funding necessary to maintain business operations. The company is currently exploring all of its alternatives and will provide further guidance when decisions are made, which is expected to be later this week.

http://www.adamaircraft.com/

[pilotdreams]

February 20, 2008 — Adam Aircraft, a one-time promising aircraft manufacturer with innovative, futuristic designs, filed for Chapter 7 bankruptcy on Friday, February 15, with the U.S. Bankruptcy Court for the District of Colorado. Documents the company filed show assets between $1 million and $10 million, with liabilities of $50 million to $100 million and up to 999 creditors.

Last week the company, located on Centennial Airport in the Denver suburb of Englewood, announced it suspended operations due to a failure to secure $30.5 million of financing. By week’s end, papers for Chapter 7 were filed, meaning Adam’s nonexempt property will be sold and the proceeds distributed to its creditors.

Adam Aircraft’s A500 twin-engine piston aircraft received initial FAA Part 23 type certificate in 2005 and an amended TC, along with a FAA production certificate, in 2006. Adam’s A700 twin-engine jet received its first FAA Type Inspection Authorization (TIA) in December last year, allowing flight-testing for FAA certification credit.

Before the end of 2006, the company revealed it needed to acquire additional capitol to continue its A700 certification program, despite a claimed order backlog of more than 400 aircraft amounting to nearly $1 billion.