Agreement saves US jobs
Source: Agencies |
July 11, 2012, Wednesday
|
Print Edition
Print Edition
STRUGGLING aircraft maker Hawker Beechcraft has reached a US$1.79 billion "exclusivity agreement" with a Chinese aerospace maker for the sale of its business jet and general aviation operations in a deal that will save thousands of jobs in Kansas and Arkansas.
Beijing-based Superior Aviation Beijing Co will buy Hawker Beechcraft and make payments over the next six weeks to support operations until the deal, announced on Monday, is finalized. The sale does not include Hawker Beechcraft Defense Co, which will remain a separate entity.
If the transaction is completed, Superior intends to maintain Hawker Beechcraft's existing operations while putting "substantial capital" into the company and its business and general aviation product line, saving thousands of American jobs, the firm said.
Hawker Beechcraft filed for bankruptcy protection in May to expedite a prearranged restructuring of the company and some of its subsidiaries. Hawker Beechcraft, which is owned by GS Capital Partners and Onex Partners, has struggled with tepid demand for its military planes and business jets.
Beijing-based Superior Aviation Beijing Co will buy Hawker Beechcraft and make payments over the next six weeks to support operations until the deal, announced on Monday, is finalized. The sale does not include Hawker Beechcraft Defense Co, which will remain a separate entity.
If the transaction is completed, Superior intends to maintain Hawker Beechcraft's existing operations while putting "substantial capital" into the company and its business and general aviation product line, saving thousands of American jobs, the firm said.
Hawker Beechcraft filed for bankruptcy protection in May to expedite a prearranged restructuring of the company and some of its subsidiaries. Hawker Beechcraft, which is owned by GS Capital Partners and Onex Partners, has struggled with tepid demand for its military planes and business jets.
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