Union stalls Hawker sale to Chinese firm
Source: Agencies |
July 18, 2012, Wednesday
|
Print Edition
Print Edition
HAWKER Beechcraft efforts to enter into exclusive talks with a Chinese firm for the US$1.79 billion sale of its civilian aircraft operations have run into opposition in bankruptcy court from its machinists union amid fears about the deal's impact on national security as well as worker pensions.
A motion filed on Monday in US Bankruptcy Court in New York by the International Association of Machinists and Aerospace Workers asked the judge to deny Hawker Beechcraft's request seeking up to 45 days to negotiate only with Superior Aviation Beijing Co, for the sale of the Kansas plane maker.
Also on Monday, the Pension Benefit Guaranty Corp, the government corporation which guarantees the pension program, filed its own separate motion in which it did not object to the exclusive negotiations with Superior.
However, it reserved the right to protect and object to any unsatisfactory treatment of the pension plans as the sale process unfolds.
Hawker Beechcraft issued a statement noting any agreement with Superior would be subject to approval by the Committee on Foreign Investment in the United States and other regulatory agencies, as well as a competitive auction process overseen by the US Bankruptcy Court.
As part of the deal, Superior has agreed to pay US$50 million during the 45-day exclusivity period to cover costs for Hawker Beechcraft's business jet operations.
The proposed sale to Superior purportedly does not include Hawker Beechcraft Defense Co.
A motion filed on Monday in US Bankruptcy Court in New York by the International Association of Machinists and Aerospace Workers asked the judge to deny Hawker Beechcraft's request seeking up to 45 days to negotiate only with Superior Aviation Beijing Co, for the sale of the Kansas plane maker.
Also on Monday, the Pension Benefit Guaranty Corp, the government corporation which guarantees the pension program, filed its own separate motion in which it did not object to the exclusive negotiations with Superior.
However, it reserved the right to protect and object to any unsatisfactory treatment of the pension plans as the sale process unfolds.
Hawker Beechcraft issued a statement noting any agreement with Superior would be subject to approval by the Committee on Foreign Investment in the United States and other regulatory agencies, as well as a competitive auction process overseen by the US Bankruptcy Court.
As part of the deal, Superior has agreed to pay US$50 million during the 45-day exclusivity period to cover costs for Hawker Beechcraft's business jet operations.
The proposed sale to Superior purportedly does not include Hawker Beechcraft Defense Co.
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