March 28, 2012
Hawker Beechcraft Corp. is preparing to file for bankruptcy protection, according to a report from Reuters, which cites unnamed sources familiar with the situation.
The report says the company is negotiating a prearranged bankruptcy with its largest creditors.
A Hawker spokesperson declined to comment on report.
The lenders, according to the report, would likely provide debtor-in-possession financing that would enable Hawker to continue operating in bankruptcy.
Sources who have declined to be named have told the Wichita Business Journal this week that they understand that bankruptcy preparations are already under way at Hawker.
That despite news Tuesday that Hawker had secured $120 million in new credit and that many of its lenders had also agreed to defer the company’s debt obligation as part of a forbearance agreement that expires on June 29, 2012.
The Reuters sources said that deal was intended to give the company more time to finalize details of its bankruptcy.