NBAA has joined other organizations in urging Congressional leaders to continue stimulating business capital expenditures by extending the accelerated, or “bonus,” depreciation that is set to expire at the end of this year. In a letter sent to both houses of Congress yesterday, the groups said, “It is imperative that we continue the 50-percent bonus depreciation…for 2013 and beyond. This will provide some certainty to U.S.
With bankruptcy court approval yesterday of Hawker Beechcraft’s disclosure statement filed with its joint plan of reorganization (POR), the company’s emergence from Chapter 11 appears to be accelerating. The court’s move allows Hawker Beechcraft to begin soliciting approval of the POR from its creditors.
A major hurdle facing Hawker Beechcraft in its effort to restructure and emerge from Chapter 11 bankruptcy is the sale of the Wichita OEM’s inventory of Hawker 4000s. The hearing date for the company’s request for court approval of the sale is now set for December 11, following a decision last week by judge Stuart Bernstein to deny the company’s request for an expedited hearing and sale.
Biozyme, the owner of a Hawker Beechcraft (HBC) Premier IA, has filed an objection with the bankruptcy court handling the Hawker Beechcraft proceedings, questioning the manufacturer’s plan to suspend warranty coverage as part of its efforts to exit bankruptcy.
NBAA released a new study today showing that even during the worst economic times since the Great Depression, companies that relied on business aviation outperformed those that did not. According to NBAA, the companies that use business aircraft have better shareholder value and recovered from the recession more quickly than their peers.
Aviation insurer Chartis has added crisis response coverage to aviation policies for corporate customers, including airports and charter management companies. The new product provides customers access to immediate funds for crisis management costs resulting from a catastrophic event. With the coverage, policyholders can receive up to $250,000 of additional policy limits for costs associated with hiring a crisis management firm to help manage reputation risk, as well as for other crisis-related expenses, such as temporary living, travel, counseling, medical and funeral costs.
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.
Kalogridis International had a better year in 2011 than in 2010, and this year, said founder George Kalogridis, promises to be even better.
Demand for high-end carpeting in the single-aisle and twin-aisle bizliner market, he said, wasn’t affected so much by the recession as the smaller business and private jet segment. Now, he added, activity is starting to pick up in that smaller jet market.
A bankruptcy court judge on Friday denied a request from Hawker Beechcraft to give eight of the Wichita OEM’s “senior leadership team” as much as $5.3 million in bonuses. HBC had filed the request with the U.S. bankruptcy court on August 15, describing the bonuses as based on the achievement of certain incentive goals.
The NBAA Convention, to be held in late October in Orlando, Fla., will offer what the association bills as an “unprecedented chance” for attendees to have face-to-face discussions with people influential in aviation policies throughout Asia. As part of the show, the U.S. Trade and Development Agency (USTDA), Asia-Pacific Economic Cooperation (APEC) and U.S. Department of Transportation will sponsor a “reverse trade mission,” bringing regulators and policymakers from several Asian countries to Orlando for NBAA 2012 and then Washington, D.C., a few days after the convention.