Judge Sets Hearing Date On Hawker Beechcraft Deal

By: Associated Press Email
By: Associated Press Email

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Wednesday, July 11, 2012

A bankruptcy judge in New York has granted Hawker Beechcraft's request to fast-track a hearing over the Kansas plane maker's plan to enter exclusive negotiations with a Chinese firm.

U.S. Bankruptcy Judge Stuart Bernstein on Wednesday set July 17 for the proceedings.

The move comes a day after Hawker filed documents seeking authorization to spend 45 days exclusively negotiating with Superior Aviation Beijing Co., Ltd., to finalize the deal.

The filing included a letter from Superior outlining its $1.79 million bid to acquire on a debt-free basis all of Hawker's assets, except its defense business. Superior would not assume any pension liabilities.

Superior also agreed to pay up to $50 million during the negotiations to maintain product lines Hawker would otherwise discontinue but for Superior's interest in acquiring them.

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