Tuesday, July 10, 2012
The Hawker Beechcraft sale to a Chinese company isn't a done deal. Other potential buyers could still emerge with bids.
Hawker Beechcraft's sale will have to pass approval by the U.S. bankruptcy court. Wichita bankruptcy attorney Bill Zimmerman says now that Beiing-based Superior Aviation has made its bid, others could come forward willing to pay more. He says the system is designed help Hawker get the best price.
Superior Aviation has agreed to pay about $1.8 billion for Hawker Beechcraft. The sale would not include purchasing Hawker Beechcraft Defense Company.
Zimmerman says this sets in motion a period of time for creditors to possibly object to the planemaker's intent to sell to superior.
"Usually, the objections are for one of two reasons. One, somebody doesn't think the price is sufficient for some reason and then they object. And two, somebody has a buyer or somebody wants to buy and in effect you end up with an auction potentially," said Zimmerman.
The parent company of Cessna Aircraft is Textron. Textron CEO Scott Donnelly has gone on the record saying his company might be interested in Hawker Beechcraft. On Monday in an interview with Bloomberg News at the Farnborough Air Show, Donnelly reiterated an interest in buying Hawker for its propellor planes and the T-6 military trainer plane.
Reports have also surfaced that Mahindra, a maker of utility vehicles and turboprop airplanes in India, was also interested in Hawker Beechcraft.