UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

~~WASHINGTON~~Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of ~~the Securities Exchange Act of 1934~~

~~Date~~The ofSecurities ~~Report~~Exchange ~~(Date~~Act of ~~earliest~~1934 ~~event reported): January 28, 2009~~

Date of Report (Date of Earliest Event Reported):

March 16, 2009

Alabama Aircraft Industries, Inc.

(Exact ~~Name~~name of ~~Registrant~~registrant as ~~Specified~~ inspecified in its ~~Charter~~charter)

Delaware	0-13829	84-0985295
(State of Incorporation)	(Commission File Number)	(IRS Employer Identification Number)
(State or other jurisdiction of incorporation)	(Commission File No.)	(I.R.S. Employer Identification No.)

1943 North 50th Street

1943 North 50^th Street

Birmingham, Alabama

35212

(Address of principal executive offices)

(Zip Code)

~~Birmingham,~~(205) ~~Alabama~~592-0011 ~~35212~~

~~(Address~~Registrant’s oftelephone ~~principal executive offices~~number, including ~~zip~~ area code):

~~Registrant’s~~Not ~~telephone~~Applicable ~~number, including area code: (205) 592-0011~~

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (~~17CFR~~17 CFR 240.13e-4(c))

Item 13.01 ~~Entry~~Notice ~~Into~~of Delisting or Failure to Satisfy a ~~Material~~Continued ~~Definitive~~Listing ~~Agreement~~Rule or Standard; Transfer of Listing.

~~As previously~~On ~~disclosed~~March 16, by2009, the Board of Directors of Alabama Aircraft Industries, Inc. (the “Company”) inunanimously ~~certain~~voted ofto delist its ~~filings with the Securities and Exchange Commission (the “SEC”)~~common stock, ~~the~~par ~~Company~~value ~~entered~~$0.0001 ~~into~~per ashare ~~note purchase agreement~~ (the “~~Note Purchase~~Common ~~Agreement~~Stock”) ~~dated February 15~~, ~~2006~~from ~~with~~trading ~~Silver~~on ~~Canyon Services, Inc. (“Silver Canyon”), pursuant to which~~ the ~~Company~~NASDAQ ~~issued~~Global toMarket ~~Silver Canyon a senior secured note due February 15, 2007 in the principal amount of $5,000,000~~ (~~the~~ “~~Note~~NASDAQ”), ~~which Note bears interest at 15% per annum. The Company entered into the Note Purchase Agreement~~ and ~~issued the Note in order~~ to ~~secure~~terminate ~~working~~the ~~capital~~registration ~~and~~of ~~minimum~~its ~~required~~Common ~~pension~~Stock ~~funding.~~under ~~On July 31, 2006, Silver Canyon assigned~~ the ~~Note~~Securities ~~Purchase~~Exchange ~~Agreement~~Act ~~and sold the Note to Special Value Bond Fund, LLC, which is managed by Tennenbaum Capital Partners, LLC. The Chairman~~ of ~~the Company~~1934, ~~Michael~~as E.amended ~~Tennenbaum, is~~ (the ~~Senior Partner of Tennenbaum~~ ~~Capital~~“Exchange ~~Partners, LLC~~Act”). The ~~Note~~Company ~~and~~has ~~the~~notified ~~Note~~NASDAQ ~~Purchase~~of ~~Agreement~~its ~~were~~intent ~~previously amended on February 15, 2007 on July 31, 2007 in order~~ to ~~extend~~delist ~~the~~its ~~maturity~~Common ~~date~~Stock ~~for~~from ~~the principal amount of the Note~~trading.

OnThe ~~January 28, 2009, the~~ Company ~~and~~anticipates that ~~Special~~it ~~Value~~will ~~Bond~~file ~~Fund,~~with ~~LLC (~~the ~~“Holder”)~~Securities ~~executed an Amended~~ and ~~Restated~~Exchange ~~Senior~~Commission ~~Secured Note~~ (the ~~“Amended~~ ~~and Restated Note~~“SEC”), ~~effective~~a ~~December 31,~~Form ~~2008,~~25 inrelating ~~which~~to the ~~maturity~~delisting ~~date~~ of ~~the~~its ~~Note~~Common ~~has~~Stock ~~been~~from ~~revised~~NASDAQ soon ~~that~~or ~~the~~about ~~principal amount of the Note now matures on February~~April 151, ~~2010.~~2009, Inand ~~addition,~~that the ~~Company~~delisting ~~executed Amendment~~will ~~No. 3~~be toeffective ~~the~~ten ~~Note~~days ~~Purchase Agreement (“Amendment No~~thereafter. ~~3”)~~ ~~with~~ On the ~~Holder~~same today ~~confirm~~ the ~~revised~~delisting ~~maturity~~becomes ~~date of February 15~~effective, ~~2010.~~on ~~Amendment~~or ~~No.~~about April 311, ~~also~~2009, ~~requires~~ the Company plans to ~~pay~~file ~~the Holder~~ a ~~loan~~Form ~~fee~~15 into ~~the amount~~deregister ofits ~~$400,000;~~Common ~~provided,~~Stock ~~however,~~under ~~that~~the inExchange ~~the~~Act. ~~event~~Upon the ~~Company~~filing ~~makes~~of ~~a principal reduction payment under~~ the ~~Amended~~Form ~~and Restated Note~~15, the ~~Holder~~Company’s isobligation ~~required~~ to ~~refund~~file acertain reports ~~portion~~with of the ~~loan~~SEC, ~~fee~~including toForms ~~the~~10-K, ~~Company~~10-Q ~~such that the aggregate interest~~ and ~~loan~~8-K, ~~fees~~will toimmediately be ~~earned~~suspended. byThe ~~the~~Company ~~Holder~~expects ~~between~~that ~~February 15,~~the ~~2009~~deregistration ~~and~~will ~~February 15,~~become ~~2010~~effective ~~equals~~90 ~~23%~~days ofafter the ~~outstanding~~date ~~principal~~of ~~balance~~filing of the ~~Amended~~Form ~~and~~15 ~~Restated~~with ~~Note~~the ~~during~~SEC. ~~such~~The ~~period.~~Company ~~All~~plans ~~other~~to ~~terms~~continue making its annual and ~~conditions~~quarterly offinancial ~~the~~reports ~~Note~~(including ~~and the~~an ~~Note~~annual ~~Purchase~~audit) ~~Agreement~~available ~~remain~~to the ~~same~~public on its website.

~~The~~A ~~foregoing~~copy ~~description~~ of the ~~terms of the Amended and Restated Note and Amendment~~press ~~No. 3~~release toannouncing the ~~Note~~Company’s ~~Purchase~~intention ~~Agreement does not purport~~ to bedelist ~~complete~~ and isderegister ~~qualified in~~ its ~~entirety~~Common byStock ~~reference~~is ~~to the Amended and Restated Note and Amendment No. 3 to the Note Purchase Agreement, copies of which are~~ attached ~~as exhibits~~ to this Current Report on Form 8-K as Exhibit 99.1 and ~~which~~is ~~are~~hereby incorporated ~~herein~~ by reference.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
10.1		Amendment No. 3, effective as of December 31, 2008, to the Note Purchase Agreement among the Company, Special Value Bond Fund, LLC and the subsidiary guarantors
10.2		Amended and Restated Senior Secured Note Due 2010


99.1		Press release of the Company, dated March 18, 2009.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the ~~Registrant~~registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: February 3, 2009	ALABAMA AIRCRAFT INDUSTRIES, INC.
	By:	/s/ Randall C. Shealy
	Name:	Randall C. Shealy
	Title:	Sr. Vice President and Chief Financial Officer


ALABAMA AIRCRAFT INDUSTRIES, INC.

By:		/s/ Doris K. Sewell
		Doris K. Sewell
		Vice President, Legal and Corporate Affairs

March 18, 2009

EXHIBIT INDEX


Exhibits
99.1		Press release of the Company, dated March 18, 2009.

Filing Compare · ALABAMA AIRCRAFT INDUSTRIES, INC