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Adam Aircraft Suspends Operations

Adam Aircraft Suspends Operations

Adam Aircraft has suspended operations at its Colorado facilities. In a short news release, the company said the action was taken "due to the inability of the company to come to terms with their lender for funding necessary to maintain business operations."

In January in a letter to shareholders, CEO John Wolf said that without the immediate cash injection, Adam will have to take action to meet the terms of agreements with "senior lenders". Wolf said in the letter that company needs $ 25 million (the full total was $ 30.5 million but $ 5.5 million has already been raised) to recover any of money to investors. But he has also hopeful that if the money is found, Adam will rebound on the certification and sales of its A500 twin and the future sales of its A700 light jet.

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