Adam Aircraft Filed For Bankruptcy
It has been reported that Adam Aircraft has filed for bankruptcy. Adam Aircraft is a newer company, founded in 1998, founded by George F. Adam Jr. and John C. Krudsen and based out of Centennial, Colorado.
Adam Aircraft filed in court for liquidation of assets estimated to be worth between one and ten million dollars. They are projected to own a debt of $50 to $100 million dollars. Recently John D. Wolf, acting chairman and CEO, put in letter of resignation, Feb. 11th, 2008.
Creditors include some of the following companies: 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. However, it is reported that there are up to 750 more names involved in business with Adam Aircraft.
Related External References:
Adam A700 Aircraft Passes FAA Certification
As reported on Denver Business Journal, The Adam A700 aircraft jet is flying through all the tests and certifications set forth by the Federal Aviation Administration. Recently the A700 passed some heavy environmental conditioning test that include subjecting the airplane to harsh weather conditions. You can read the full story here.
