Russian company completes Adam Aircraft deal
By Alton K. Marsh
One of the Russian owners of AAI Acquisitions arrived in Denver this week to formally complete the $10 million purchase of bankrupt Adam Aircraft and tour the facilities at the Centennial Airport complex.
Massive cleaning efforts to ready the dusty buildings for a return to operations have begun as part of a 90-day reactivation plan. The future of the A500 piston twin aircraft is uncertain, but the A700 business jet will move toward FAA type certification once again. Recruitment of employees is to begin May 1.
As far as debts are concerned, the renewed Adam Aircraft starts with a clean slate but has paid rent needed to reopen the buildings and hangars that are included in the sale. Facilities at Ogden, Utah, and Pueblo, Colo., were not purchased and will not be reactivated.
AAI Acquisitions is part of Industrial Investors headquartered in Russia. That parent organization owns an air-taxi company and a business jet airline, which was considered to be a buyer of Adam A700s. Adam Aircraft filed for bankruptcy on Feb. 15.
Rumors concerning the company’s future abound, and without repeating them here, it can be said that manufacturing will remain in Denver. Many in the former workforce of 650 have gone on to new jobs at Bombardier Business Aircraft, Hawker Beechcraft, and Hondajet. Many had refused job offers, hoping Adam Aircraft would restart operations.
April 16, 2008
