BREAKING: Chinese White Knight Set To Buy Hawker Beechcraft

 - July 9, 2012, 5:10 PM

Hawker Beechcraft today announced that China-based Superior Aviation Beijing Co. has signed an “exclusivity agreement” to buy the whole U.S. aircraft manufacturer, minus its defense business. Hawker Beechcraft filed for U.S. Chapter 11 reorganization in May and just last week outlined a framework to exit this protection by year-end. Part of this plan included a potential sale, which is now the likely outcome.

Should the transaction be completed, Superior intends to maintain Hawker Beechcraft’s existing operations while also investing substantial capital in the company and its business and general aviation product line in Wichita, Kansas, and Little Rock, Arkansas. Due to U.S. defense restrictions, the transaction with Superior would not include Hawker Beechcraft Defense Co., which would remain a separate entity. HBDC will continue to manufacture T-6 trainers and pursue certification of its AT-6 light attack aircraft.