Bankruptcy Court OKs Hawker Beech Disclosure Statement
With bankruptcy court approval yesterday of Hawker Beechcraft’s disclosure statement filed with its joint plan of reorganization (POR), the company’s emergence from Chapter 11 appears to be accelerating. The court’s move allows Hawker Beechcraft to begin soliciting approval of the POR from its creditors.
The plan is supported by the official committee of unsecured creditors, and a majority of the obligations under the company’s pre-petition credit facility and senior unsecured bonds have committed to it. The voting process, said the Wichita-based OEM, will be completed by January 22, at which time Hawker Beechcraft will seek approval of the court to exit bankruptcy on January 31.
In the meantime, even as Hawker Beechcraft moves toward emerging from bankruptcy as the newly branded Beechcraft Corp., there are hopes that a buyer will come forward with a satisfactory bid to purchase the Hawker business jet line. In October, the company announced its intention to shut down jet production and exit that market segment entirely. Hawker Beechcraft chairman Bill Boisture recently said the company is “happy to talk with any potential buyers” for this division.