Fri, Jul 06, 2012
Framework Established For Resolving Debts, Transferring Ownership To Creditors
Hawker Beechcraft late last week filed paperwork in bankruptcy court that establishes a framework for resolving the company's debts with its creditors, and also how it plans to transfer ownership of the company to those creditors.
The plan has the support of many of the parties involved, including HBC's largest creditors as well as most of the financial institutions holding paper on the company, according to a report in the Wichita Eagle.
In a letter sent to employees Monday, HBC CEO Steve Miller and Chairman Bill Boisture said the goal was to "emerge from Chapter 11 in the strongest possible operational and financial position while preserving as many jobs as possible." They also need to reduce the total funded debt, which currently stands at over $2.5 billion.
The paper reports that 60 day layoff notices went out to 125 HBC employees in Wichita last Friday, bringing the total number of idled workers in the city to 906, and reducing the HBC Wichita workforce to 4,100 employees.
Prior to the bankruptcy filing, Hawker Beechcraft and its investment banker put together a list of possible buyers and investors. The paper reports that there were eight bids for the company after many of those potential buyers traveled to Wichita for discussions with HBC officials, and on June 19th, Perella Weinberg Partners, Hawker's investment banker, asked six of those suitors to submit revised bids.
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