Any definitive agreement reached with Superior would be subject to approval by the Committee on Foreign Investment in the United States (CFIUS) and other regulatory agencies. In addition, any definitive agreement with Superior will be subject to termination if another potential purchaser succeeds in the mandatory competitive auction process which will be overseen by the U.S. Bankruptcy Court.   

“The agreement we have reached with Superior provides us with funding to preserve jobs as we simultaneously negotiate a potential transaction with Superior and continue to prepare for our standalone plan described in our preliminary plan of reorganization and disclosure statement,” said Robert S. “Steve” Miller, CEO of Hawker Beechcraft, Inc. 

“At this time, pursuing the potential transaction with Superior is in the best interests of the company and its various stakeholders, including our creditors, our employees, our suppliers and our customers. We look forward to working toward a definitive agreement with Superior and continuing to communicate with all interested parties to explain the benefits of this proposed transaction.” 

During the exclusivity period, Superior will perform confirmatory diligence while the two companies negotiate definitive documentation of the transaction. If negotiations with Superior are not concluded in a timely manner, Hawker Beechcraft will proceed with seeking confirmation of the Joint Plan of Reorganization it filed with the U.S. Bankruptcy Court on June 30, 2012, which contemplates Hawker Beechcraft emerging as a standalone entity with a more focused portfolio of aircraft.