The financing is subject to, among other things,
completion of definitive financing documentation
and Bankruptcy Court approval. Robert S.
“Steve” Miller, CEO of Hawker Beechcraft, Inc.,
said, “The tremendous show of support of our
creditors for the Plan, which will dramatically
reduce Hawker Beechcraft’s debt load, and the
financing commitment from JPMorgan and Credit
Suisse mark an important milestone for the
company as it moves closer to emerging from the
restructuring process.”
Bill Boisture, Chairman of Hawker Beechcraft
Corporation, said, “The reorganized Beechcraft
Corporation will emerge from this process in a
strong operational and financial position, with
the working capital and flexibility to execute a
strategy built around our core products like the
world-renowned King Air twin engine turboprop
and the T-6 military training aircraft, which
will enable the company to compete well into the
future.”
Hawker Beechcraft will seek approval from the
Court to exit bankruptcy at the confirmation
hearing scheduled for Jan. 31 and expects to
emerge from Chapter 11 in the second half of
February. Upon emergence, pre-petition secured
bank debt, unsecured bond debt, and certain
general unsecured claims will be canceled and
holders of such claims will receive equity in
the reorganized company in the percentages
negotiated by the major creditor groups at the
time the company commenced its Chapter 11
proceedings. A new Board of Directors, to be
appointed by the new owners of the company, will
take over on the date of emergence.
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