Hawker Beechcraft Names Recovery Expert New CEO

Amidst ongoing financial turmoil at the company, Hawker Beechcraft announced the addition of recovery specialist Robert “Steve” Miller as CEO on Wednesday.

Miller, often cited as the “turnaround kid” for his work restructuring struggling companies in the steel, automotive and waste management industry, will take the reins at Beechcraft immediately. Former CEO Bill Boisture will remain Chairman of the company’s Hawker Beechcraft Corporation subsidiary.

A Wall Street Journal blog is also reporting that Hawker Beechcraft has hired bankruptcy and restructuring lawyers. The WSJ said Hawker has hired Kirkland & Ellis LLP, a law firm that has advised on large bankruptcies, such as United Airlines. The paper stressed that the move doesn’t necessarily indicate bankruptcy is imminent.

The turmoil at Hawker Beech comes as slow demand for business aircraft and large debt obligations continue to weigh on the company’s bottom line. It also comes on the heels of news that the company’s AT-6 lost out on a lucrative Air Force contract, estimated to grow to a potential worth of as much as $1 billion, to Embraer’s Super Tucano.

Hawker Beechcraft alleges unfair treatment in the deal, while Embraer contends the AT-6 did not fulfill the requirements of the bid.

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Submitted by pjsowe on February 09, 2012.

Sure would have helped this American company if the got the military trainer contract instead of the Brazilian company.

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Submitted by ChampPilot44 on February 09, 2012.

Used to be all US military planes were made in the USA. Now even USA made aircraft aren't entirely made in the USA.

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Submitted by carlsonbe on February 09, 2012.

Yes, American-made would be nice, but as a taxpayer, do you want to buy the best, or the one made here?

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Submitted by iused2fly on February 10, 2012.

Winners get the bragging rights and losers all cry foul as their tears fall in their scotch and sodas. I'm surprised HBC didn't call in Mitt Romney, considering how good he says he is at fixing companies in trouble.

To quote Mark Knoffler: "Sometimes you're the windshield; sometimes you're the bug.

Douglas M
Surrey, BC

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Submitted by usad on February 10, 2012.

Buy American doesn't mean much anymore as our own government doesn't do it either. Regardless of the price, it would be dollars spent in America. Taxed in America. Re-spent in America.

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Submitted by Greg Goodknight on February 10, 2012.

The Beechcraft T-6 is as American as a SNC/Embraer AT-6 would be... Beechcraft partnered with Pilatus of Switzerland to build modified PC-9's in the USA for that one.

That said, it does seem plausible it wasn't a fair process and I hope HBC gets all due consideration.

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Submitted by reykjavik on February 12, 2012.

US has been buying helicopters from Italy and others for at least a decade.
Boisture was a blow hard who alienated DOD (and the White House). I'm sure he felt better bad mating these institutions, but didn't serve has share holders (or investment bankers) or employees with his loud mouth.

Besides Aviation Week and Space technology did a flight test on both and the Embraer was the winner.

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Submitted by bumpylives on February 16, 2012.

The T6 is nothing more than a PC-9 that's built in Switzerland by Pilatus and modified in the states by Beech. Who in turn raises the price by millions to sell it to the government. So what's the difference if SNC (an american company) does the same thing with the Embraer?

The problem is the US aircraft manufactures dont build this type of aircraft and are not inclined to spend the money to do so.