Adam Aircraft, developer of the A500 piston twin and A700 very light jet, has suspended operations at its Englewood, Colorado facility and laid off 500 workers.
In a brief statement the company says: "This measure was required due to the inability of the company to come to terms with their lender for funding necessary to maintain business operations. The company is currently exploring all of its alternatives and will provide further guidance when decisions are made, which is expected to be later this week."
The company last month suspended the composites operation at its Ogden, Utah plant leading to the loss of around 300 jobs having failed to secure short-term financing.
Source: FlightGlobal.com
