Fri, Dec 07, 2012
Company Will Seek Approval To Exit Bankruptcy At January 31 Hearing
Hawker Beechcraft said Wednesday that the Disclosure Statement filed in connection with the company's Joint Plan of Reorganization (POR) has been approved by the U.S. Bankruptcy Court for the Southern District of New York. Court approval of the adequacy of the Disclosure Statement allows Hawker Beechcraft to begin soliciting approval of the POR from its creditors. The POR is supported by the Official Committee of Unsecured Creditors, and holders of a majority of the obligations under the company's pre-petition credit facility and senior unsecured bonds have also committed to support it.
The voting process will be completed by Jan. 22, 2013, and the company will seek approval from the Court to exit bankruptcy at the confirmation hearing scheduled for Jan. 31, 2013.
Upon its emergence from Chapter 11, the company plans to enter into a new financing facility of at least $525 million, consisting of a term loan and a revolving line of credit, that will be used to repay the debtor-in-possession (DIP) post-petition credit facility, issue letters of credit to replace the DIP and fund ongoing operations.
As part of its reorganization, the company intends to rename itself Beechcraft Corporation and implement a business plan that focuses on its turboprop, piston, special mission and trainer/attack aircraft – the company's leading products – and on its parts, maintenance, repairs and refurbishment businesses, all of which are profitable and have high growth potential.
NTSB Denies FAA's Right to Penalize UAS PIlot Remember Raphael "Trappy" Pirker? When last we wrote about this fellow, he was dealing with a recalcitrant FAA who had asserted that h>[...]
Brings Company Into Compliance With All State Regulations For Medical Transport The state of Nevada has fully licensed Angel MedFlight Worldwide Air Ambulance to transport patients>[...]
Also: Trig TT31 Update, Barnstorming--GA Wimping Out, Gone West: MiG Designer Belyakov, Zenith's 10000 Plan! When the FAA opened the door for easier angle of attack (AoA) indicator>[...]
Space Telescope Science Institute Welcome to the Space Telescope Science Institute (STScI) -- home of science program selection, grant administration, planning, scheduling, and pub>[...]
Informs the pilot of the heading he/she should fly. The pilot may have to turn to, or continue on, a specific compass direction in order to comply with the instructions.>[...]