Hawker Beechcraft Still Hasn’t Found Financial Footing
Hawker Beechcraft, which is in the process of restructuring under U.S. Chapter 11 bankruptcy protection, posted a $33.8 million net loss on sales totaling $149.9 million last month. In documents filed with the U.S. Bankruptcy Court in New York earlier this week, the company reported spending $1.5 million on restructuring costs, $5.4 million on reorganization items and $8.8 million on research and development.
To date, the Wichita-based aircraft manufacturer has paid nearly $9 million to outside professionals to assist in the bankruptcy proceedings and owes an additional $4.14 million for further services. The restructuring is complicated by an offer by Superior Aviation Beijing on July 9 to purchase most of Hawker Beechcraft’s assets for $1.79 billion. An exclusive negotiation period for consummation of that deal expired September 1 and to date there has been no news regarding negotiations with Superior Aviation, or any other entity, for the acquisition of HBC.
Any definitive agreement reached with Superior would be subject to approval by the Committee on Foreign Investment in the U.S.(CFIUS) and other regulatory agencies. In addition, Superior could be outbid by another purchaser in the mandatory competitive auction process.