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CENTENNIAL, Colo.—An airplane manufacturer is laying off 500 of its employees after failing to obtain funding from a lender.
Adam Aircraft officials had said they needed $30.5 million dollars by the end of January in short-term funding. Officials hoped the funds would help the company through long-term financing of about $100 million dollars.
Monday’s announcement comes less than two weeks after officials said the search for financing was going well.
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Information from: Rocky Mountain News,
