Raytheon Sheds Stake in Great Lakes

Raytheon Aircraft no longer owns part of Cheyenne, Wyo.-based Great Lakes Aviation, following the airline’s November 16 repurchase of all common stock owned by the one-time Beech 1900 manufacturer. According to Great Lakes’ third-quarter 10Q filing with the SEC, the airline entered into new financing agreements with GB Merchant Partners and Crystal Capital, allowing it to settle its obligations with Raytheon Aircraft. Terms of the financing include a four-year term loan of $24 million and a revolving loan credit facility under which the company may borrow $10 million.

Raytheon held an ownership interest in Great Lakes since 2008, when it essentially saved the airline from certain bankruptcy. The deal, which contained a proviso for a strengthened management team, led to the recruitment of current CEO Chuck Howell.