Adam Aircraft files for Chapter 7

After failing to secure additional funding to stay in business, Adam Aircraft filed for Chapter 7 bankruptcy in U.S. Bankruptcy Court for the District of Colorado on Feb. 15, according to court documents.

Adam Aircraft manufactured planes made largely of composite materials. The company's A700 very light jet was in the middle of the certification process with the Federal Aviation Administration.

"In the absence of additional funding for the company to continue operations, it is ... in the best interest of the company, its creditors, shareholders and other interested parties" to file Chapter 7, the company said in a court filing.

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The Centennial Airport-based company employed 500 in Colorado and 300 at a manufacturing plant in Ogden, Utah.

All of its 800 employees will be or have been laid off, and the company's chairman and CEO resigned effective Feb.15, the company said in the bankruptcy filing.