On April 9, 2008 the United States Bankruptcy Court for the District of Colorado approved the sale of the assets of Adam Aircraft Industries, Inc., a Colorado-based manufacturer of new generation composite-based aircraft, to AAI Acquisition, Inc., a Delaware corporation which is part of Industrial Investors group of companies.
Adam Aircraft designs and manufactures a new generation of twin-engine piston and entry-level twin turbofan "very light jet" (VLJ) aircraft utilizing leading edge carbon-fiber composite technology for the general aviation, business aviation and air taxi markets.
Adam Aircraft currently has two aircraft product offerings, the A500 and A700, with plans to broaden its product line. These aircraft offer comparable or better speed, range, cabin volume and payload than its competitors but are priced at the low-end of the peer set.
The purchase price was $10 million plus amounts due under the contracts assumed by the purchaser.
"We plan to revive Adam Aircraft's operations, including continuing the process of certification for the A700 jet" says Dmitry Shokhin, Vice President of AAI Acquisition.
Industrial Investors is a large Russian private equity asset management company, managing the assets of over $3 billion U.S. Dollars. Industrial Investors specialize in transportation projects. The former Governor of Colorado, Bill Owens, is on the board of directors of FESCO, a Russian company listed on the Russian stock exchange, one of the companies of the Industrial Investors group.
Industrial Investors own Russian air-taxi operator "Dexter" and the first business jet airline "Velvet Club." Industrial Investors expect the new acquisition to hold its own ground as the manufacturer of very light jets for air taxi and general aviation markets.
Adam Aircraft filed for Chapter 7 bankruptcy on February 15, 2008. Legal counsel for the purchaser was Industrial Investors' long-standing advisor, Orrick, Herrington & Sutcliffe LLP, whose Washington, DC-based team included corporate partner Olga Sirodoeva and associate Paul Zarnowiecki, and bankruptcy partner Richard Wyron; Holland & Hart LLP was its local Colorado counsel. Legal counsel for Jeffrey A. Weinman, the trustee in bankruptcy, was Lindquist & Vennum, whose Denver-based team included bankruptcy partner J. Smiley and corporate partner Harold G. Morris.
Source: Court Approves Russian Industrial Investors' Acquisition of Assets of New Generation "Very Light Jet" Manufacturer in Colorado
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