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.