Tue, May 08, 2012
Company Will Continue To Operate Normally During Reorginazation
The U.S. Bankruptcy Court for the Southern District of New York has granted approval of the "First Day Motions" filed by Hawker Beechcraft as part of the company's voluntary filing for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Approval of these motions will enable Hawker Beechcraft to continue to operate in the ordinary course of business during the reorganization process.
Hawker Beechcraft received approval to continue to pay employees, and to pay all vendors and suppliers in the ordinary course for goods and services delivered after the commencement of the Chapter 11 case. The company will utilize a commitment for $400 million in Debtor-in-Possession (DIP) financing, negotiated as part of the prearranged restructuring, to meet these obligations.
Hawker Beechcraft's cases are being presided over by the Honorable Judge Stuart Bernstein of the U.S. Bankruptcy Court for the Southern District of New York. Hawker Beechcraft's jointly administered case number is Hawker Beechcraft Inc., 12-11873.
On May 3, 2012, Hawker Beechcraft, Inc. and a significant number of its senior secured lenders and senior bondholders agreed to the terms of a financial restructuring plan that will eliminate approximately $2.5 billion in debt and approximately $125 million of annual cash interest expense and strengthen the company for the future.
The company's legal representative is Kirkland & Ellis LLP, its financial advisor is Perella Weinberg Partners LP, and its restructuring advisor is Alvarez & Marsal.
More News
Aviation Governance Secured...At Least For a While The National Business Aviation Association similarly applauded the passage of the FAA's recent reauthorization, contentedly recou>[...]
Emphasis On Growing The Future of Aviation Through Concentration on 'AFFORDABLE FLYERS' It's been a number of years since the Latest Edition of Jim Campbell's HUGE SportPlane Resou>[...]
Amazilia Aerospace GmbH, Develops Digital Flight Control, Flight Guidance And Vehicle Management Systems Textron eAviation has acquired substantially all the assets of Amazilia Aer>[...]
Honeywell's Primus Brings New Tools and Niceties for Hawker Operators Hawker 4000 business jet operators have a new installation on the table, now that the FAA has granted an STC f>[...]
Company Celebrates Niche-but-Important Advancement in Industry Standards Echodyne has announced full integration of its proprietary 'EchoFlight' radar into the e American Aerospace>[...]