AIN Staff

In a decision opening the way for Hawker Beechcraft to emerge from Chapter 11 bankruptcy in the second half of this month, the U.S. Bankruptcy Court approved the Wichita OEM’s joint plan of reorganization late Friday. “[This] ruling marks the final significant step in the restructuring process,” said Hawker Beechcraft CEO Steve Miller.


The company said that, as part of the reorganization, it will be rebranded Beechcraft Corp. and will implement a business plan focused on its “profitable” turboprop, piston, special mission and trainer/attack aircraft lines, as well as on its parts, maintenance, repair and refurbishment businesses.


Upon emergence from bankruptcy, its pre-petition secured bank debt, unsecured bond debt and certain general unsecured claims will be canceled, and holders of those claims will receive equity in the reorganized company in percentages negotiated by the major creditors.


The revamped company’s new board of directors will include Donald Cook, Gene Davis, Ralph Heath, David Tolley, Gideon Argov, Robert Johnson and Bill Boisture. Boisture will become CEO of Beechcraft Corp. and Miller will become senior advisor to the board.


The court previously approved the company’s motion to retain JPMorgan Securities and Credit Suisse Securities to jointly structure, arrange and syndicate $600 million in exit financing.

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