A Colorado bankruptcy court has approved the sale of the assets (and some liabilities) of Adam Aircraft Industries to AAI Acquisition Inc. for $10 million. The company is a subsidiary of Russia-based Industrial Investors, which, according to a company release, owns Russian air taxi operator Dexter and what it calls a business jet airline called Velvet Club. Although Adam has both a piston and jet design, Industrial Investors seems to be leaning toward getting the A700 very light jet off the ground. "We plan to revive Adam Aircraft's operations, including continuing the process of certification for the A700 jet," said AAI VP Dmitry Shokhin. While the company's own aircraft operations would seem a natural extension of the business plan for the Adam acquisition, AAI says it expects the A700 and A500 to stand on their own.
This is a companion discussion topic for the original entry at https://www.avweb.com/news/court-approves-adam-sale-to-russian-backed-firm