As Hawker Beechcraft enters into exclusive talks with Beijing-based Superior Aviation over a potential sale of the American manufacturer, Hawker Beech lawyers are asking the bankruptcy court to grant bonuses for a number of top company execs.
The bonuses are intended for a group of senior management that includes Hawker Beechcraft’s chairman, executive VP and chief financial officer, among a handful of others. According to a report by Eyewitness News 12 in Wichita, members of the management group could see payouts up to 200 percent of their base salaries if the bonuses are approved.
In the motion filed on Friday, Hawker Beechcraft lawyers maintained, “The debtors’ senior management team will play an indispensable role in the performance of the business over the next few months… . Individual members of the SLT (senior leadership team) have worked around the clock (sometimes literally), shouldering responsibilities that are well above and beyond their day-to-day duties outside of chapter 11.”
In addition to the bonuses for Hawker Beechcraft’s top management, approximately 30 other managers will receive retention bonuses if the motion is granted.
The move comes on the heels of news that Hawker Beechcraft is making plans to sell the company to Superior for a price of $1.79 billion. The deal would not include Hawker Beechcraft Defense Company, which is slated to remain an independent entity under the agreement.
Hawker Beechcraft filed for bankruptcy in May after accumulating $2.5 billion in debt.