Hawker Beechcraft Corporation (HBC) has appointed Ted Farid as sales vice president for the Asia-Pacific region, which spans all of North and South Asia, including India.
Hudson's Bay Company
Hawker Beechcraft Corp. (HBC) took another step toward emerging from Chapter 11 bankruptcy on Tuesday when it received authorization from the bankruptcy court to sell its remaining inventory of Hawker 4000s.
Pending revisions to its current plan for reorganization as indicated to bankruptcy judge Stuart Bernstein November 29, Hawker Beechcraft expects to emerge from Chapter 11 in February 2013, as the Beechcraft Corporation.
A major hurdle facing Hawker Beechcraft in its effort to restructure and emerge from Chapter 11 bankruptcy is the sale of the Wichita OEM’s inventory of Hawker 4000s. The hearing date for the company’s request for court approval of the sale is now set for December 11, following a decision last week by judge Stuart Bernstein to deny the company’s request for an expedited hearing and sale.
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 no warranty or support commitments.”
Biozyme, the owner of a Hawker Beechcraft (HBC) Premier IA, has filed an objection with the bankruptcy court handling the Hawker Beechcraft proceedings, questioning the manufacturer’s plan to suspend warranty coverage as part of its efforts to exit bankruptcy.
After four months of intense negotiation, a deal for the sale of Hawker Beechcraft to Superior Aviation Beijing collapsed October 18 with an announcement by HBC that the parties could not come to terms and it would proceed with the stand-alone plan of reorganization.
Hawker Beechcraft Corp (HBC) says that its Chapter 11 bankruptcy protection and a pending acquisition by China’s Superior Aviation are not affecting the attitudes of customers and potential customers towards its products, which it believes are ideally suited to the Russian market.
A U.S. bankruptcy court has cleared the way for Hawker Beechcraft to begin “exclusive negotiations” for China’s Superior Aviation Beijing to acquire the civil aviation interests of the financially troubled group.
As of mid-June the next hurdle for Hawker Beechcraft was the June 30 deadline to file its plan of reorganization with the U.S. Bankruptcy Court in Manhattan.
“The plan provides specific details regarding how the company plans to pay creditors and allow the business to be successful in the long term,” said an HBC spokeswoman.
- Page 1