Talks on Beechcraft sale off
Source: Agencies |
October 19, 2012, Friday
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Print Edition
Print Edition
TALKS to sell Hawker Beechcraft's operations to China's Superior Aviation Beijing Co have collapsed and the US plane maker yesterday said it now plans to emerge from bankruptcy protection as a slimmed down company in the first quarter of 2013.
"Despite our best efforts, the proposed transaction with Superior could not be completed on terms acceptable to the company," CEO Steve Miller said. "We are disappointed that the transaction did not come to fruition, but we protected ourselves by obtaining a US$50 million deposit that is now fully non-fundable and property of the company."
Upon emergence from bankruptcy the company intends to rename itself Beechcraft Corp and focus on its most profitable products.
Chairman Bill Boisture said the firm will seek growth in its high-performance single and twin engine piston and turboprop aircraft, special mission variants, and multi-role light attack and trainer planes.
Hawker Beechcraft Corp plans to set a November 15 hearing on an amended reorganization plan.
The firm said its key stakeholders, including most of its secured bank debt and unsecured bond debt, will back the reorganization plan.
"Despite our best efforts, the proposed transaction with Superior could not be completed on terms acceptable to the company," CEO Steve Miller said. "We are disappointed that the transaction did not come to fruition, but we protected ourselves by obtaining a US$50 million deposit that is now fully non-fundable and property of the company."
Upon emergence from bankruptcy the company intends to rename itself Beechcraft Corp and focus on its most profitable products.
Chairman Bill Boisture said the firm will seek growth in its high-performance single and twin engine piston and turboprop aircraft, special mission variants, and multi-role light attack and trainer planes.
Hawker Beechcraft Corp plans to set a November 15 hearing on an amended reorganization plan.
The firm said its key stakeholders, including most of its secured bank debt and unsecured bond debt, will back the reorganization plan.
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