Adam Secures Funding, Sells 50 A700s In China
With its first fully conforming aircraft in flight testing since April 9, and a firm order for 50 A700 light jets place by Hainan Zhong Hang Tai general Aviation Airlines (a China-based operating entity of Ameritech Aerospace), Adam Aircraft has also recently finalized a $105 million round of financing. The company plans to use the new capital, including a senior secured credit facility with Morgan Stanley Senior funding acting as lead arranger, to "aggressively pursue our product development and production growth plans," according to Adam founder and CEO, Rick Adam. The company holds an order backlog valued near $800 million, says Adam, and currently plans to add three more aircraft to its test fleet with the first to join the test program this summer and the final aircraft to perform functionality and reliability tests. First deliveries of the seven-seat A700 twin-jet are currently projected to take place in 2008.