Englewood, Colo.-based Adam Aircraft Inc., today announced after much speculation, it has suspended all of its operations, including its main facility at Centennial Airport (APA), where it was manufacturing its piston-powered A500 and working to obtain certification on its A700 very light jet.
The company, which was struggling to obtain short-term financing by Jan. 31, laid off more than one-third of its workforce last month, said the suspension of operations was a difficult but necessary move. "This measure was required due to the inability of the company to come to terms with its lender [Citibank] for funding necessary to maintain business operations," Adam said. The company said it´s currently exploring all of its alternatives and that it would provide further details when decisions are made, which is expected to be later this week.
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