-T / T / +T | Comment(s)

Friday, January 25, 2013

Hawker Beechcraft Expects to Emerge From Bankruptcy in February

Hawker Beechcraft on Friday said the key creditors involved in its bankruptcy restructuring have “overwhelmingly” approved the company’s Joint Plan of Reorganization, and it expects to emerge from Chapter 11 bankruptcy as Beechcraft Corp. in February.

J.P. Morgan Securities and Credit Suisse Securities have agreed to act as joint lead arrangers for an underwriting commitment of $600 million in exit financing, consisting of a term loan and a revolving line of credit, the company said.

“The reorganized Beechcraft Corp. will emerge from this process in a strong operational and financial position, with the working capital and flexibility to execute a strategy built around our core products like the world-renowned King Air twin engine turboprop and the T-6 military training aircraft, which will enable the company to compete well into the future,” said Bill Boisture, chairman of Hawker Beechcraft.

The manufacturer first entered into Chapter 11 bankruptcy in May 2012. Superior Aviation Beijing Co. was in talks to acquire the company last summer, but negotiations fell through in October when the two companies could not reach an agreement on the terms of a Plan Sponsorship Agreement. More

Follow @AviationToday

 

[X] Dismiss Ad