Hawker Beechcraft has reached an agreement with lenders that will provide a $120 million loan as the company negotiates with creditors to avoid default.
Hawker Beech said it intends to use the proceeds of the loan to fund operations as it continues working with its lenders on broader recapitalization. The company in February named turnaround specialist Steve Miller as CEO after hiring Perella Weinberg Partners as a financial adviser in December. Miller has been seeking concessions from lenders to keep the company afloat.
