Very Light Jet (VLJ) manufacturer Adam Aircraft has closed its doors, following a period of financial uncertainty. The Colorado-based company had been desperately trying to raise money as it worked to complete Federal Aviation Administration certification for its A700 private jet.

In January, Adam Aircraft closed down its Ogden, Utah plant and announced that the company would need to secure $30.5 million by the end of the month to stay solvent, before finding an additional $100 million to complete FAA certification. Monday’s announcement comes a little more than a week after a representative at Adam Aircraft had announced that efforts to raise that $30.5 million were “progressing well,” without further elaboration. Adam’s financial woes could not have come at a worse time, as lenders have been especially parsimonious in the wake of a nationwide credit crunch.

Adam’s marquis aircraft, the A700, had been the subject of intense public interest, garnering more than a billion dollars in back orders. While there is clearly strong demand for VLJs, the struggles experienced by plane manufacturers such as Adam and Eclipse in bringing planes to the market, reflects the inherent difficulties small outfits face in achieving FAA certification, rising fuel costs and the general lack of liquidity in the economy today.

An announcement is expected later this week regarding Adam Aircraft’s plans for the future.