Hawker Beechcraft 2011 Losses Could Total Nearly $482M
In an SEC filing yesterday, Hawker Beechcraft said its losses in the fourth quarter of 2011 could total $481.8 million, including $304.9 million in restructuring and impairment charges, versus a $173.9 million loss in the same quarter in 2010. These 2011 numbers, however, are still preliminary and could change, the company noted.
Hawker Beechcraft missed the Friday deadline to release its 10-K annual report and instead filed with the SEC yesterday the extension that gives the company until April 16 to complete and file the financial report. It said it couldn’t meet the deadline without “unreasonable effort and expense” because it “has devoted substantial resources to negotiate with its senior lenders and other creditors in light of ongoing adverse economic and industry conditions.”
According to Hawker Beechcraft Inc. CEO Steve Miller, “The majority of the issues disclosed in [yesterday’s] filing reflected the company’s financial position as of Dec. 31, 2011. In the months since then, we have moved aggressively to address many of these matters, most recently with our announcement last week that we have obtained additional liquidity from certain lenders to provide us with the time and flexibility to restructure the company’s balance sheet.”
A separate SEC filing, also made yesterday, shed more light on this recapitalization and forbearance agreement, announced last Thursday, including the revelation that Credit Suisse is the source of the $124.5 million recapitalization funding.