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Monday, March 3, 2008

Adam Files Chapter 7

Adam Aircraft filed for Chapter 7 in U.S. Bankruptcy Court in Washington, DC on February 15, ending its months-long effort to gain financing to continue operations and create the Adam 700 Very Light Jet which was in the middle of certification. Related Story The action puts 800 employees out of work. Adam failed to obtain the $75 million to $150 million in long-term financing with the help of Citibank. Related Story President Duncan Koerbel resigned February 15.
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