Hawker Beechcraft filed a revised restructuring plan on Saturday outlining how it intends to satisfy creditors as part of its plan to exit bankruptcy by year-end. The filing gave more details about the number of entities that bid to buy parts or the whole company.
Under the plan, which “is supported by the largest creditor constituencies…and by a substantial majority of the debtors’ senior credit facility lenders and holders of the senior notes,” secured creditors will get 81.1 percent of the aircraft manufacturer’s equity when Hawker Beechcraft emerges from bankruptcy protection.
In the filing, Hawker Beechcraft said the “plan is fair and equitable” and will “delever” the company’s capital structure and provide access to new funds necessary for ongoing operations, positioning it to compete more effectively in the industry.
Meanwhile, the filing revealed that Hawker Beechcraft and its investment banker, Perella, contacted a targeted group of 15 potential buyers for the aircraft manufacturer, nine of which expressed enough interest and signed non-disclosure agreements. Eight of the nine submitted bids for Hawker Beechcraft after the due-diligence process, and Perella sent letters to six of them requesting revised proposals by June 22. Hawker Beechcraft is “evaluating various submissions received on June 22…and [has] not made any definite decisions yet regarding whether to pursue a third-party sale transaction.”