After seeking bankruptcy protection just last month, Hawker Beechcraft is exploring a variety of options to improve its position, including a sale of the company, according to a recent report in the Wichita Eagle.
Potential buyers have until Thursday to submit their bids, in anticipation of Hawker Beechcraft’s submission of a detailed restructuring plan to the U.S. Bankruptcy Court later this month. While company reps say they hope Hawker will emerge from those filings as an independent company, lawyers involved in the proceedings say there has been a decent amount of interest so far.
Formerly owned by Raytheon Co. until Goldman Sachs and Onex Partners purchased the company in 2007, Hawker Beechcraft reached a bankruptcy filing agreement last month with its top investors that will eliminate a whopping $2.5 billion in debt. That deal also secured a $400 million loan for Hawker to help the company maintain production and meet its financial liabilities during the restructuring process.
The move came after the company struggled for years amidst the ongoing recession and weak aircraft sales – factors that forced the company to sustain losses of $632.8 million in 2011 alone.
As the company refines the particulars of its restructuring plan, a number of company reps downplayed the possibility of a sale, saying that Hawker Beechcraft is simply keeping all options on the table. They hope to emerge from bankruptcy protection by the end of 2012.