WICHITA, Kansas —Hawker Beechcraft intends to emerge from Chapter 11 protection as a standalone company, with officials reporting the company is no longer pursuing a deal with Superior Aviation Beijing Co., Ltd. because the two companies could not reach an agreement [Read more...]
According to a report at FlightGlobal.com, Hawker Beechcraft is within a “few days” of signing a $1.79 billion purchase agreement with Superior Aviation Beijing. The report notes that: “In fact, (Chairman Bill) Boisture stopped the interview for about five minutes to take a phone call that he said could be the final agreement with Superior Aviation Beijing. After resuming the interview following the private call, Boisture did not elaborate on its contents, but confirmed the agreement will be signed within a “few days.”
Hawker Beechcraft has asked the U.S. Bankruptcy Court to extend the time it has been given to emerge from bankruptcy. According to a story in the Wichita Business Journal, the company asked to be given until Dec. 29 to file its plan.
Bankrupt aircraft manufacturer Hawker-Beechcraft Inc. has encountered resistance from a federal trustee and a labor union over its plan to award $5.3 million in bonuses to eight senior executives as the company’s works through a Chapter 11 restructuring process initiated in May, according to an AOPA.org report.
The Associated Press is reporting that the union representating the machinists at Hawker Beechcraft is trying to block the proposed sale of the bankrupt aircraft manufacturer to a Chinese company, contending it would give China access to technology it doesn’t yet possess and would saddle American taxpayers with paying the Wichita-based company’s underfunded pension obligations. Read the full report here.
The U.S. Bankruptcy Court for the Southern District of New York has approved Hawker Beechcraft’s motion to enter into exclusive negotiations with Superior Aviation Beijing Co., Ltd. Approval give Hawker Beechcraft up to 45 days to exclusively negotiate with the Chinese company to buy its general aviation line for $1.79 billion. The Wichita-based company’s defense line is not included in the deal.
As part of the agreement, Superior will make payments over the next month to sustain Hawker Beechcraft’s jet business. An initial deposit of $25 million is payable before the end of the week and a second $25 million deposit is payable within 30 days, company officials said.
Pundits are checking in on the news that Hawker Beechcraft has arrangements to be acquired by a Chinese firm. Some believe the offer is just a “stalking horse” to flesh out the real value of the company, especially without its defense business. The Chinese have been stalking before, or at least, doing their research.
Hawker Beechcraft has filed a motion asking the bankruptcy court for approval to spend up to 45 days exclusively negotiating a deal to sell all but its defense business to Superior Aviation Beijing of China. According to a report in The Wichita Eagle, in exchange for the exclusivity agreement, Superior will pay Hawker Beechcraft up to $50 million in coming weeks to fund certain jet product lines that otherwise would likely be discontinued if Hawker Beechcraft wasn’t bought and emerged from bankruptcy as a stand-alone business, the motion said.
Hawker Beechcraft Corp. reports it has received a follow-on order from the FAA for two Beechcraft King Air C90GTx turboprops with the option for one additional aircraft. The FAA, which operates a fleet of six King Air C90GTx turboprops, will use the two new aircraft to further support the FAA’s Flight Standards Flight Program.
The successful first flight of the Hawker 400XPR engine test article was made May 7. This was the first flight of an upgraded aircraft with new Williams International FJ44-4A-32 engines.
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