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Aircraft - Monday, February 26, 2007

With Private Jet Orders In Hand, Adam Aircraft Looks to Raise $100M In Debt

Private Jets are a boom biz these days thanks to the growing ranks for the super wealthy and growing misery on commercial flights. We now have an ex-Internet boss who wants to be the next Howard Hughes, rapidly building a new type of aircraft.

Even though it recently raised $182M, Adam Aircraft says it is looking to raise $100M - $125M in debt financing, says PEhub. The $2.2M A700, which will be about half the cost of the lowest-priced corporate jet now on the market thanks in part to lower cost materials.

If you happened to catch the newish Miami Vice flick, this jet was featured there.

The company's founder actually comes out of tech. Rick Adam founded New Era of Networks, or NEON, a database software developer tht he took NEON public and its market value peaked at $3.5B in 2000. He had to settle for a sale to Sybase for about $233M. Adam was the first investor in his name-sake aircraft company, investing $26M of his own cash.

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