At an omnibus hearing on December 11, the progress of Hawker Beechcraft toward emerging from Chapter 11 bankruptcy protection moved ahead with court authorization to enter into the debtor-in-possession (DIP) amendment and to pay certain related fees and expenses.
GippsAero, manufacturer of the GA8 Airvan utility aircraft, appointed three new parts and technical support distributors to its global network. (The company recently appointed Soloy Aviation Solutions to serve the U.S. market.)Hawker Pacific will focus on the Asian region and will exclusively support GippsAero’s existing and new clients across Asian countries. Gipps has appointed Piper Parts to support all countries throughout Europe, and Airvan Africa to cover all of Africa.
JP Morgan is stirring the Hawker Beechcraft bankruptcy pot, suggesting in its December Aerospace and Defense: Balance of Power report that “acquisition of the company is still possible.” The financial services company named Embraer, Textron (parent of Cessna and Bell Helicopter) and General Dynamics (Gulfstream and Jet Aviation) as entities that might benefit from such a deal.
The analyst added, “We anticipate that other companies may be interested in acquiring Beechcraft if the price is right as we see a good strategic fit in several cases.”
Hawker Beechcraft Corp. (HBC) took another step toward emerging from Chapter 11 bankruptcy on Tuesday when it received authorization from the bankruptcy court to sell its remaining inventory of Hawker 4000s.
Another step toward Hawker Beechcraft emerging from Chapter 11 bankruptcy came yesterday when it received court authorization to sell its remaining inventory of Hawker 4000s. As part of its reorganization plan as a standalone company, Hawker Beechcraft is shutting down its business jet line and intends to sell 20 Hawker 4000s “for the best price possible, on an ‘as-is-where-is’ basis, with no warranty or support commitments.”
Hawker Beechcraft Corp. (HBC) rolled up to MEBA 2012 with its full line of civil Beechcraft King Air twin turboprops over the past two days as it prepared for a key court hearing, taking place today in the U.S., probing whether it has to honor warranties on Hawker 4000s and Premier I jets if, as intended, it sells its Hawker jets business to rebrand as Beechcraft Corporation.
Hawker Beechcraft, which reported a $44 million net loss and $95 million negative cash flow in October, followed that filing with the bankruptcy court by reporting in a separate filing a sales forecast of $1.9 billion in 2013 as a new, standalone company following its emergence from bankruptcy in February.
Dying is one thing. Being reborn is quite another, as Hawker Beechcraft, its employees, lenders and creditors are discovering during the current bankruptcy and restructuring.
At the NBAA Convention last month, HBC chairman Bill Boisture explained recent events to that point and outlined the Wichita OEM’s future, which he confirmed will not include its business jet line.
The slow and destructive passage of Hurricane Sandy before the 65th NBAA Convention and Tradeshow opened in Orlando on October 30 generated great concern about the safety of travelers and worry about what they would find when they returned home to the Northeast. Although New York-area airports opened in time for return flights, many worried about widespread power outages, severe water damage, destroyed infrastructure and ongoing challenges finding out anything about local facilities because so much of the cellphone network was compromised.
Pending revisions to its current plan for reorganization as indicated to bankruptcy judge Stuart Bernstein November 29, Hawker Beechcraft expects to emerge from Chapter 11 in February 2013, as the Beechcraft Corporation.