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Adam Aircraft Files for Liquidation

Adam Aircraft Files for Liquidation

Adam Aircraft has filed in US Bankruptcy Court for liquidation of assets estimated to be worth between one and ten million dollars and projected debts of $ 50- to $ 100-million owed to creditors. This follows Adam Aircraft´s termination of all employees and resignation of John D. Wolf as chairman and CEO on Monday February 11th, 2008.

Any proceeds from asset liquidation will go to Morgan Stanley Senior Funding for distribution to other secured lenders including Bank of America Securities, LLC; Bear Sterns Asset Management; Drake Offshore Master Fund, Ltd.; Kenmont Investments Management, L.P.; Morgan Stanley Senior Funding, Inc.; Ore Hill Fund L.P.; Permal Capital Structure Opportunities, Ltd.; Platinum Grove Asset Management; Sandler Capital Structure Opportunities, Ltd.; Spectrum Investment Partners, L.P.

Among the supplier base, outstanding unsecured creditors include Chelton Flight Systems, Colorado Department of Revenue, Delaware Secretary of State, Garmin, Goodrich, Heads-Up Technologies, Honeywell, IS&S, Jeppesen Sanderson, Lockheed Martin, Meggitt, Mid-Continent Instrument, PPG, Pacific Scientific, Parker Hannifin, Saint-Gobain, Teledyne Continental, Utah State Tax Commission and Williams International, among more than 750 named entities.

/ Новости