Thursday, April 3, 2008

Adam Aircraft to Auction Assets Later This Month

The assets of bankrupt commuter airplane manufacturer Adam Aircraft Industries will be auctioned over a two-day period later this month if its enterprise sale proves unsuccessful, a Los Angeles-based auction house announced Wednesday. According to GoIndustry-DoveBid, if Adam Aircraft fails to attract an acceptable bid by today, it will conduct a live auction from Adam Aircraft's headquarters in Englewood, Colo. The event, which begins April 30, will be broadcast online. GoIndustry-DoveBid said the absolute auction will comprise more than 1,500 lots, including aircraft, engines, avionics, parts inventory and heavy machinery. Founded in 1998, Adam Aircraft designed and produced several general aviation aircraft, from twin-engine commuters to light jets. At its height, the company employed some 800 people and secured more than $150 million in venture financing. On Jan. 17, the company unveiled a revised business strategy and said it would seek additional long-term financing. Less than a month later, on Feb. 11, Adam Aircraft suspended operations, saying it was unable to procure sufficient funding to maintain operations. The company filed for bankruptcy four days later.