China’s Superior Aviation To Buy Hawker Beechcraft

Superior Aviation of Beijing, China, has agreed to acquire financially troubled Hawker Beechcraft for $1.79 billion. Under the terms of the “strategic combination,” Superior Aviation also agrees to make payments over the next six weeks of the “exclusivity period” to support ongoing jet-related operations as a means of sustaining the jet business until the transaction…

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Hawker Beechcraft Files for Chapter 11 Bankruptcy Protection

Hawker Beechcraft announced at 3:30 p.m. EDT today that it has reached an agreement with a “significant number” of its senior secured lenders and senior bondholders on the terms of a financial restructuring plan that will “strengthen the company for the future and eliminate approximately $2.5 billion in debt and approximately $125 million of annual…

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Hawker Beechcraft Still Hasn’t Found Financial Footing

Hawker Beechcraft, which is in the process of restructuring under U.S. Chapter 11 bankruptcy protection, posted a $33.8 million net loss on sales totaling $149.9 million last month. In documents filed with the U.S. Bankruptcy Court in New York earlier this week, the company reported spending $1.5 million on restructuring costs, $5.4 million on reorganization…

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Judge Denies Hawker Beechcraft Bonuses Request

A bankruptcy court judge on Friday denied a request from Hawker Beechcraft to give eight of the Wichita OEM’s “senior leadership team” as much as $5.3 million in bonuses. HBC had filed the request with the U.S. bankruptcy court on August 15, describing the bonuses as based on the achievement of certain incentive goals. Judge…

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Hawker Beechcraft Seeks More Time To Exit Bankruptcy

Hawker Beechcraft will not exit bankruptcy by year-end as originally projected, if the court allows the Wichita-based aircraft manufacturer’s request for a 120-day extension filed late Thursday. A court hearing on the extension request is scheduled for August 30. In the filing, Hawker Beechcraft asked the U.S. Bankruptcy Court for the Southern District of New…

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Judge Denies Expedited Sale of Hawker 4000s

A bankruptcy judge declined to sign an order yesterday allowing Hawker Beechcraft to expedite the sale of approximately 13 new, three in-production and four used Hawker 4000 business jets. On November 16, the company had asked for court authorization of the sale “for the best price possible under the circumstances, on an ‘as-is-where-is’ basis, with…

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