On February 15, 2008Adam Aircraft Industries, Inc. filed a voluntary petition for relief under Chapter 7 of the U.S. bankruptcy code. The case number is 08-11751.

Three days after suspending operations Adam Aircraft announces a Chapter 7 bankruptcy filing.  The filing lists more than 200 creditors, $50 million to $100 million in liabilities and between $1 million and $10 million in assets.

Company assets are to be liquidated, including tooling, facilities, the type certification for the A500 and A700 aircraft.  No hearing date has been set but the court appointed trustee is moving forward with the liquidation process.  Aircraft assets include several A500s in various stages of production and three flying A700 very light jets that Adam was using for certification trials.

Meanwhile, the major business aircraft manufacturers are holding job fairs in Denver,  seeking to hire the more than 500 skilled employees Adam Aircraft laid off last week.

For more information www.adamaircraftbankruptcy.com

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