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January 22, 2008

Adam Needs an Immediate $25 Million

By Russ Niles, Editor-in-Chief

Adam Aircraft faces "liquidation" if it doesn't raise $25 million by the end of January. In a letter to shareholders, CEO John Wolf said that without the immediate cash injection, Adam will have to take action to meet the terms of agreements with "senior lenders," according to the Wichita Eagle. The lenders were not identified. Adam spokeswoman Shelly Simi told the Eagle the money crunch has to do with financial obligations coming due. "It's like every other loan or any other type of funding," said Simi. "There's always stipulations or requirements and that's what we're working through as every other company would."

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