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Adam Assets On the Auction Block

Adam Assets On the Auction Block

The assets of Adam Aircraft Industries--which suspended operations Feb. 11--will be auctioned in Denver, Colo., on Apr. 4.

The bulk sale will include aircraft, intellectual property licenses, customer contracts, aircraft certifications, and manufacturing equipment.

Bids must be submitted to marketing agent General Capital Partners by Apr. 3. Qualified bidders are required to submit an asset purchase agreement with a minimum bid of $ 10 million plus a $ 250,000 earnest-money deposit into an escrow account. For more details, contact wcg@generalcapitalpartners.com.

Adam Aircraft, founded in 1998, designed and manufactured carbon-composite, high-performance general aviation aircraft, the A500 twin piston and the A700 very light jet powered by two Williams FJ33 engines. A700 deliveries were to start this year.

The Adam Aircraft sale will also include "significant backlog orders," according to General Capital. For example, in May, 2007, Hainan (China) Zhong Hang Tai General Aviation Airlines placed a firm order for 50 A700s. In addition, in October 2006, Magnum Jet placed an order for 101 A700s for its planned air limo service.

In 2006, Adam Aircraft aimed to accelerate growth plans, raising $ 93 million in financing. The company also expanded its engineering and executive teams. However, in January 2008, the company had to streamline operations in an effort secure long-term financing. And on Feb. 15, Englewood, Colo.-based manufacturer filed for Chapter 7 bankruptcy protection in Colorado District Bankruptcy Court.

/ Новости