Friday, January 25, 2013

Hawker Beechcraft has moved one step closer to emerging from bankruptcy.

Today the Wichita plane maker announced that key creditors overwhelmingly approved its proposed joint plan of reorganization.

In that plan, HBC will obtain a financing commitment for its exit from bankruptcy. The company will get $600 million in exit-financing consisting of a term loan and revolving line of credit.

CEO Robert "Steve" Miller said the plan will dramatically reduce the company's debt load as it moves toward emerging from the restructuring process.

Hawker Beechcraft will seek approval from the court to exit bankruptcy at a confirmation hearing scheduled for January 31st.