Robert S. “Steve” Miller, CEO of Hawker
Beechcraft, Inc., said, “We made the decision to
proceed with the standalone Plan of
Reorganization after determining that, despite
our best efforts, the proposed transaction with
Superior could not be completed on terms
acceptable to the company. We are disappointed
that the transaction did not come to fruition,
but we protected ourselves by obtaining a $50
million deposit from Superior that is now fully
non-refundable and property of the company. The
go-forward business plan we have developed with
our creditors ensures that we will emerge from
this process in a strong operational and
financial position, with an enhanced ability to
compete well into the future.”
Upon its emergence from Chapter 11, the company
intends to rename itself Beechcraft Corporation
and will implement a business plan that focuses
on its turboprop, piston, special mission and
trainer/attack aircraft, the company’s most
profitable products and on its high margin
parts, maintenance, repairs and refurbishment
businesses, all of which have high growth
potential.
Bill Boisture, Chairman of Hawker Beechcraft
Corporation, said, “Beechcraft Corporation will
emerge as the world’s leading designer and
manufacturer of turboprop, piston and
trainer/attack aircraft with the largest global
customer support network in the industry. Our
business strategy will focus on growing our key
existing product lines: high performance single
and twin engine piston and turboprop aircraft,
uniquely missionized variants for the global
special mission market, and multi-role light
attack and trainer aircraft systems, as well as
the product development opportunities within
these segments.”
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