Adam Aircraft, the very-light-jet manufacturer being sold through Chapter 7 bankruptcy, is expected to reopen under a new owner.
The buyer, under the name AAI Acquisition Inc., struck a deal Friday with a trustee to buy Adam Aircraft, based at Centennial Airport.
Adam Aircraft is expected to reopen in its existing location upon the close of the deal as early as next week, according to Jeffrey Weinman, the trustee in the case. Adam Aircraft also has facilities in Pueblo and in Ogden, Utah.
A document on the sale agreement names Dmitry Shokhin as vice president for the buyer. According to an objection to the deal filed with the court Monday by Portfolio Real Estate Englewood, AAI Acquisition is known to be a "thinly capitalized Delaware corporation" formed for the purpose of buying Adam´s assets and is affiliated with Industrial Investors, a Russian private-equity firm in Moscow.
Portfolio´s building at Centennial Airport was leased by Adam Aircraft, and AAI seeks Adam´s rights in the lease, according to the filing.
The AAI Acquisition deal is subject to court approval. A hearing is scheduled for Wednesday.
"This is good for the city; it´s good for Colorado; it´s good for the bankruptcy estate to sell it in whole rather than piecemeal," Weinman said.
The purchase price in the deal is $ 10 million plus certain creditor obligations. Adam Aircraft brought its A500 propeller plane to market in 2005 and was working toward federal certification of its A700 very light jet when it shut down in February.