Hawker Beechcraft Moves Closer To Chapter 11 Emergence

The financing is subject to, among other things, completion of definitive financing documentation and Bankruptcy Court approval.

?Robert S. ?Steve? Miller, CEO of Hawker Beechcraft, Inc., said, ?The tremendous show of support of our creditors for the Plan, which will dramatically reduce Hawker Beechcraft?s debt load, and the financing commitment from JPMorgan and Credit Suisse mark an important milestone for the company as it moves closer to emerging from the restructuring process.?

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Bill Boisture, Chairman of Hawker Beechcraft Corporation, said, ?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 built around our core products like the world-renowned King Air twin engine turboprop and the T-6 military training aircraft, which will enable the company to compete well into the future.?

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Hawker Beechcraft will seek approval from the Court to exit bankruptcy at the confirmation hearing scheduled for Jan. 31 and expects to emerge from Chapter 11 in the second half of February. Upon emergence, pre-petition secured bank debt, unsecured bond debt, and certain general unsecured claims will be canceled and holders of such claims will receive equity in the reorganized company in the percentages negotiated by the major creditor groups at the time the company commenced its Chapter 11 proceedings. A new Board of Directors, to be appointed by the new owners of the company, will take over on the date of emergence.

Source: http://avstop.com/january_2013/hawker_beechcraft_moves_closer_to_chapter_11_emergence.htm

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