We derive adaptive reconfigurable formation control algorithms using a leader-follower framework in the presence of failures in the follower vehicle. The case of overactuated aircraft/UAV and control effector lock-in-place are considered. We first present stable formation control algorithms designed to maintain the relative distances between the vehicles close to their desired values. Multiple models for different failure cases are derived next, followed by the design of a baseline reconfigurable control algorithm, and an on-line failure detection and identification system. The adaptive reconfigurable control scheme is presented next, followed by a proof of stability of the overall closed-loop formation control system. Simulation results are included to illustrate the properties of the proposed approach.