Court Approves Hawker Beechcraft Reorganization Plan

Stephen Pope

Tuesday, February 05, 2013 at 10:55 PM ET

Verified

Key Takeaways:

A U.S. bankruptcy judge has approved Hawker Beechcraft’s Chapter 11 reorganization plan, allowing it to restart operations as Beechcraft Corporation.
The newly formed Beechcraft will focus its business on turboprop, piston, special mission, and trainer/attack aircraft.
The company emerges with a recapitalized structure, dramatically reduced debt, and a strong financial position, with most pension benefits for employees preserved.

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A U.S. bankruptcy judge has approved Hawker Beechcraft’s Chapter 11 reorganization plan, clearing the way for the company to restart operations under the name Beechcraft within the next few weeks.

“Today’s ruling marks the final significant step in the restructuring process,” said Robert S. Miller, Hawker Beechcraft CEO. “Throughout this process, we have been guided by the goal of emerging in a strong operational and financial position, with an enhanced ability to compete well into the future. Our recapitalization and dramatically reduced debt load will allow us to do exactly that.”