|Apr 14, 2008
Pueblo Pursues $2M After Adam Aircraft Bankruptcy
PUEBLO, Colo. (AP) ― Pueblo officials say they will continue to pursue $2 million they say the city is owed after small-plane maker Adam Aircraft filed for bankruptcy.
Adam Aircraft shut down its operations at Pueblo, Englewood and Ogden, Utah, this year. AAI Acquisition Inc. won approval from a bankruptcy judge to buy the company last week.
AAI says the company will reopen at Centennial but has no immediate plans to restart operations in Pueblo or Ogden.
Pueblo City Attorney Tom Jagger says the city gave Adam Aircraft $1.4 million in exchange for a pledge to create 440 jobs in the city. Pueblo also bought and remodeled a building for the company.
Jagger says the city will try to recoup the money in court.
© 2008 The Associated Press.