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May 2008 edition

Russian investors to restart Adam

AAI Acquisition has emerged as the winning and sole bidder for Adam Aircraft, which shut down in February. The company went bankrupt in February after it failed to secure funding to ramp up production of the $1.5 million centerline-twin piston A500 and continue certification efforts for the A700.

AAI, which was formed by a team of former senior level Adam executives and a Russian private equity asset management company called Industrial Investors, made the minimum bid of $10m for the company. The bid will acquire Adam Aircraft patents and trademarks (including one for an A600 turboprop single), property leases, inventory, unfinished aeroplanes, tooling, equipment, software, contracts and other paperwork.

AAI executives expect to restart the company immediately. The company also plans to ....

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