Tuesday, February 19, 2013
Hawker Beechcraft has emerged from Chapter 11 bankruptcy as a new company simply called Beechcraft.
The reorganization plan was approved by a federal bankruptcy court earlier this month and became effective last Friday.
In a news release issued by the company, as part of the plan, Beechcraft has exited Chapter 11 with reduced debt load and a stable, restructured balance sheet.
“Today marks the rebirth of an 80-year-old American aircraft manufacturing business with a globally recognized brand. said Bill Boisture, Beechcraft Chief Executive Officer. "Beechcraft has emerged from this process a stronger company with both financial and operational strength and stability.”
The new company plans to focus on its piston, turboprop, defense and special mission aircraft. The company's previously released forecasts have shown Beechcraft to be optimistic that the market will grow in coming years for those products.
The Wichita Business Journal contributed to this report