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.
Also: Holland Wants Gold, FAA Strangling UAVs?, RAF WWII Trainer For Sale, Bf109s Live, Georgia v Aerospace Engineers The Aircraft Electronics Association has released its third-qu>[...]
"Reaching this stage that we call ATLO is a critical milestone. This is a very satisfying point of the mission as we transition from many teams working on their individual elements>[...]
ANN goes through a lot of trouble to make the graphics flashy and cool and an integral part of the story. But let's face it, they're bandwidth-intensive. So here are a couple of th>[...]
Heat Generated By Electronic Systems A Growing Challenge Managing heat that is generated by electronic subsystems in next-generation aircraft is a vexing challenge for aerospace sy>[...]
Prototype Test Flights Evaluate Integrated Electronic Warfare Capabilities The U.S. Navy and Raytheon successfully demonstrated an end to end, first of its kind, integrated electro>[...]