Hawker Beechcraft key creditors voted “overwhelmingly” today to approve the Wichita-based OEM’s proposed Joint Plan of Reorganization as part of its efforts to emerge from bankruptcy.

Also according to the company, J.P.Morgan Securities and Credit Suisse Securties have agreed to act as joint lead arrangers and joint bookrunners to structure, arrange and syndicate $600 million in exit financing that consists of a term loan and a revolving line of credit. Further, affiliated banks of the joint lead arrangers have committed to underwrite the financing.

The financing “will be used to repay all claims under the debtor-in-possession (DIP) post-petition credit facility, pay certain settlement and cure payments and fund ongoing operations.” The financing is subject to, among other things, completion of definitive financing documentation and approval of the bankruptcy court.

“The reorganized Beechcraft Corporation will emerge from this process in a strong operational and financial position, with the working capital and flexibility to execute a strategy building around our core products . . . which will enable the company well into the future,” said Hawker Beechcraft chairman Bill Boisture.

Hawker Beechcraft expects to seek approval from the court to exit bankruptcy at the confirmation hearing scheduled for January 31, and anticipates it will emerge from Chapter 11 in the second half of February.

Upon emergence, pre-petition security bank debt, unsecured bond debt and certain general unsecured claims will be cancelled and holders of such claims will receive equity in the reorganized company in percentages negotiated by the major creditor groups at the time the company announced its Chapter 11 proceedings in May 2012.

A new board of directors will be appointed by the new owners of the company and will take over on the official date of emergence. According to various sources, the new owners are Centerbridge Partners, Angelo Gordon & Company, Sankaty Advisors and Capital Research & Management.

Hawker Beechcraft was acquired from Raytheon by a consortium of Onex Partners and Goldman Sachs in 2006.