Superior Aviation of Beijing, China, has agreed to acquire financially troubled Hawker Beechcraft for $1.79 billion. Under the terms of the “strategic combination,” Superior Aviation also agrees to make payments over the next six weeks of the “exclusivity period” to support ongoing jet-related operations as a means of sustaining the jet business until the transaction closes.
As of mid-June the next hurdle for Hawker Beechcraft was the June 30 deadline to file its plan of reorganization with the U.S. Bankruptcy Court in Manhattan.
“The plan provides specific details regarding how the company plans to pay creditors and allow the business to be successful in the long term,” said an HBC spokeswoman.
The National Transportation Safety Board ruled that the probable cause of a Hawker Beechcraft Premier 1A accident on June 27, 2010, during AirVenture at Wittman Regional Airport (OSH), Oshkosh, Wis.
Hawker Beechcraft’s 400XPR made its first flight this morning, powered by freshly installed Williams International FJ44-4A-32 engines. The modification work was done by Sierra Industries of Uvalde, Texas.
About a week after it revealed that it posted a $632.8 million loss last year, Hawker Beechcraft issued a 60-day warning to workers yesterday, noting that it “will lay off approximately 350 employees in several areas of operations in Wichita.” The company currently employs about 4,700 workers in Wichita.
Hawker Beechcraft announced yesterday that it “is implementing a furlough of its supply chain and final-assembly Premier IA and Hawker 4000 line in Wichita to synchronize its production line with availability of composite material from a key supplier.” While Hawker Beechcraft would not confirm the identity of this supplier, industry sources told AIN that the problem stems from epoxy resin supplier Cytec Engineering. At press time, Cytec had not responded to AIN’s inquiries seeking comment.
On February 7, Hawker Beechcraft Inc. announced it had appointed Robert S. “Steve” Miller, 70, CEO and that former Hawker Beechcraft CEO Bill Boisture “will remain as chairman of its operating subsidiary, Hawker Beechcraft Corporation.” Miller said he plans to remain chairman of American International Group and a director at Symantec, although he left his job as chairman of MidOcean Partners.
In a surprise move, the U.S. Air Force revealed today that it will take “corrective action” on the light air support (LAS) aircraft contract. The Air Force had earlier announced the contract would be awarded to Sierra Nevada, a U.S. company that partnered with Brazilian aircraft manufacturer Embraer to offer the E-314 Super Tucano.
Hawker Beechcraft announced today that Robert S. “Steve” Miller has been appointed CEO and that former Hawker Beechcraft CEO Bill Boisture “will remain as chairman of its operating subsidiary, Hawker Beechcraft Corporation.” Miller is currently chairman of American International Group and a director at Symantec. Miller was instrumental in the turnaround of Chrysler in the early 1970s and many companies since then. He is author of the book The Turnaround Kid: What I Learned Rescuing America’s Most Troubled Companies.
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