AAI Acquisition, Inc., an investment vehicle backed by the Russian investment management company Industrial Investors acquires the assets of Adam Aircraft Industries for $10 million, plus certain obligations. The U.S. Bankruptcy Court for the District of Colorado approved AAI Acquisition buying the Adam Aircraft’s assets on April 9, reported Denver Post.
Industrial Investors manages the portfolio of industrial assets in Russia worth several billion dollars including an air taxi company Dexter and private jet charter airline Velvet Skylines.
Adam Aircraft is a Denver, Colorado-based designer and manufacturer of advanced aircraft for civil and government markets.
The company has the A500 twin-engine piston aircraft that has been certified by the Federal Aviation Administration, and the A700 twin-engine very light jet, which is to undergo flight test and development.
Adam Aircraft suspended its operations and filed for bankruptcy protection in February 2008.
Prior to Adam Aircraft’s bankruptcy, Industrial Investors was interested in buying a fleet of A700 jets to expand the Dexter air taxi operations.
AAI retained some of the employees of Adam Aircraft and secured a loan to re-start its operations.
The deal is expected to close on April 15.