Bankruptcy

May 8, 2012 - 4:16pm

Hawker Beechcraft received federal bankruptcy court approval on Friday to continue operating during the reorganization process that follows the Wichita OEM’s filing for protection under Chapter 11 the previous day. The court decision will allow HBC to continue paying employees and vendors subsequent to the May 3 bankruptcy filing by allowing it access to $400 million in debtor-in-possession financing that was part of a pre-arranged restructuring.

May 3, 2012 - 5:23pm
Hawker Beech files for Chapter 11 bankruptcy protection

Hawker Beechcraft announced at 3:30 p.m. EST 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 cash interest expense.” To move this process forward, the Wichita-based OEM and certain of its subsidiaries today filed voluntary petitions under the Chapter 11 bankruptcy code.

March 28, 2012 - 1:45pm
Hawker Beechcraft gets temporary breather from debt

Hawker Beechcraft yesterday secured more time to solve its debt problems through a restructuring plan, with lenders granting a 90-day forbearance agreement. The move staves off the immediate threat of a filing for Chapter 11 bankruptcy protection–a move that has been widely expected by industry analysts.

The manufacturer, which is owned by Onex and GS Partners (a division of investment banking giant Goldman Sachs), announced it had “reached an agreement with certain lenders that will provide the company with approximately $120 million of additional liquidity.”

March 4, 2012 - 4:40am

Export Development Canada (EDC) has agreed to defer $16.6 million worth of loan payments for the fleet of Bombardier Q400 turboprops operated by Pinnacle Airlines subsidiary Colgan Air, a Pinnacle filing with the Securities and Exchange Commission revealed in late January. According to the document, the EDC agreed to defer payments and withhold any “enforcement action” from January 14 through March 31.

January 5, 2012 - 5:15am

Completion and refurbishment specialist Pats Aircraft Systems, has executed the final steps in a restructuring agreement with its lenders that formally establishes the Georgetown, Del.-based center as “a fully capitalized, stand-alone company with a significantly reduced debt structure.”

December 15, 2011 - 3:11pm

Norton Property Management, which is owned by Milford Harrison and Scot Spencer, filed for Chapter 11 bankruptcy on December 7.

June 26, 2011 - 12:40pm

The Teamsters union announced in late May that its pilot members from Gulfstream International Airlines agreed to a new five-year labor contract with management. According to a union statement, the new contract provides a “significant increase” in the ability of each pilot to modify his or her own schedule to accommodate personal needs.

April 29, 2011 - 11:10am

After months of legal wrangling and speculation, the assets of the SJ30 light jet program were purchased on April 7 from bankrupt Emivest Aerospace by the parent company of one of the aircraft’s primary airframe suppliers, Utah-based Metalcraft Technologies, for $3.5 million in cash.

March 31, 2011 - 5:50am

The bankruptcy trustee for debtors associated with JetDirect Aviation filed a complaint on February 20 that could force FBOs, charter operators, maintenance providers and other vendors to refund thousands of dollars for services that they provided and for which they received payment. In early 2009, when Sunset Aviation, Inc.

March 15, 2011 - 12:49pm

The bankruptcy trustee for debtors associated with JetDirect Aviation filed a complaint on February 20 that could force FBOs, charter operators, maintenance providers and other vendors to refund thousands of dollars for services that they provided and for which they received payment. In early 2009, when Sunset Aviation, Inc.

 
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