Friday, February 1, 2013
Hawker Beechcraft announced Friday that the U.S. Bankruptcy Court for the Southern District of New York has approved its Joint Plan of Reorganization, paving the way for the company to emerge from Chapter 11 bankruptcy in the second half of February.
In confirming the Plan, Judge Stuart M. Bernstein found that it satisfied all of the requirements of the U.S. Bankruptcy Code.
Robert SMiller, CEO of Hawker Beechcraft, said, "Today's ruling marks the final significant step in the restructuring process. Throughout this process, we have been guided by the goal of emerging in a strong operational and financial position, with an enhanced ability to compete well into the future. Our recapitalization and dramatically reduced debt load will allow us to do exactly that."
As part of its reorganization, the company intends to rename itself Beechcraft Corporation and implement a business plan that focuses on its turboprop, piston, special mission and trainer/attack aircraft and on its parts, maintenance, repairs and refurbishment businesses, all of which are profitable and have high growth potential.
Bill Boisture, Chairman of Hawker Beechcraft., said, "Thanks to the hard work of our employees and the strong support we have received from our key creditors, union partners, elected officials, suppliers and customers, Beechcraft Corporation will emerge from this process as the world's leading designer and manufacturer of turboprop, piston and trainer/attack aircraft with the largest global customer support network in the industry."