On April 15, AAI Acquisition Inc. officially became the new owner of Adam Aircraft Industries Inc.´s assets, after Adam filed Chapter 7 bankruptcy on Feb. 15. Jan D´Angelo, who oversees sales, marketing and customer support for AAI, said during its first 90 days, the company is getting things in order.
"The company´s doors are open and we´re still sorting out details," said D´Angelo, a former eight-year veteran of Adam.
He said that AAI, based at Centennial Airport (APA) in Englewood, Colo., has the goal of certifying the all-composite A700, its twin-engine very light jet. Russian-based Industrial Investors Group, an investment firm, owns AAI.
"At present, we employ 118 people," D´Angelo said. "We´re in the process of talking to suppliers, the state of Colorado and the Federal Aviation Administration. Since we´re a new company, there´s a lot of prep needed for production."
Of the 118 employed by AAI, he said he couldn´t confirm how many people had previously worked for Adam. In April, he said AAI was contemplating employing 300 workers; however, he didn´t specify a date. At that time, he said that within a 90-day window, AAI planned to employ 150 people on a full-time basis.
Aside from the $ 10 million that AAI spent obtaining Adam´s assets, which included the A500 twin piston-powered plane´s type certificate approved by the FAA, D´Angelo said he has no comment on whether AAI has applied for the A500´s production certificate. He wasn´t at liberty to comment on if or how much money AAI has invested since it acquired Adam.
Before Adam filed bankruptcy, seven of 12 A500s were delivered to customers.
"Four A700 VLJs were produced; one is used for static display," D´Angelo said.
He said AAI isn´t ready to say how far talks have gone with the FAA regarding the A700—if the agency will allow AAI to pick up where Adam left off. It´s possible the FAA could demand that AAI has to start from scratch.
In April, the company hadn´t announced who would act as CEO or vice president. Today, it appears AAI is still recruiting for those positions.
"We´ve only been in operation for some seven weeks; we didn´t move into our APA headquarters until early May," D´Angelo said. "We know everyone is curious about what our plans are. When we´ve completed our planning process, we´ll be anxious to share what our plans entail."