Insolvency law

July 3, 2012 - 3:40am

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.

July 3, 2012 - 2:40am

In its latest surprise move, would-be broadband provider LightSquared has morphed from a Chapter 11 bankruptcy case, with just a few months to find some closure with its creditors, to having an arrangement with them to allow it to continue in business and spend up to $190 million to fund its operations until September next year.

May 13, 2012 - 1:30pm

Not quite two weeks after filing for U.S. Chapter 11 bankruptcy protection, Hawker Beechcraft said at EBACE today that it will be “well positioned for the future” when it emerges from bankruptcy this later this year.

“There’s been a lot of misinformation and speculation. We’re going to talk to you about facts,” said Hawker Beechcraft executive vice president of customers Shawn Vick. “Chapter 11 protection should not be confused with liquidation or insolvency. There is simply too much value in Hawker Beechcraft, its people, products and brands to allow that to happen.”

May 3, 2012 - 5:23pm
Hawker Beech files for Chapter 11 bankruptcy protection

Hawker Beechcraft announced at 3:30 p.m. EST today that it has reached an agreement with a “significant number” of its senior secured lenders and senior bondholders on the terms of a financial restructuring plan that will “strengthen the company for the future and eliminate approximately $2.5 billion in debt and approximately $125 million of annual cash interest expense.” To move this process forward, the Wichita-based OEM and certain of its subsidiaries today filed voluntary petitions under the Chapter 11 bankruptcy code.

April 29, 2011 - 11:10am

After months of legal wrangling and speculation, the assets of the SJ30 light jet program were purchased on April 7 from bankrupt Emivest Aerospace by the parent company of one of the aircraft’s primary airframe suppliers, Utah-based Metalcraft Technologies, for $3.5 million in cash.

March 31, 2011 - 5:50am

The bankruptcy trustee for debtors associated with JetDirect Aviation filed a complaint on February 20 that could force FBOs, charter operators, maintenance providers and other vendors to refund thousands of dollars for services that they provided and for which they received payment. In early 2009, when Sunset Aviation, Inc.

March 15, 2011 - 12:49pm

The bankruptcy trustee for debtors associated with JetDirect Aviation filed a complaint on February 20 that could force FBOs, charter operators, maintenance providers and other vendors to refund thousands of dollars for services that they provided and for which they received payment. In early 2009, when Sunset Aviation, Inc.

November 30, 2010 - 3:54am

Financial records at French air ­charter operator Blue Line are being scrutinized following the company’s compulsory liquidation on October 6 with debts of €37 million ($52 million). The suddenness of the 200-employee company’s demise prompted the judge in charge of the liquidation to tap a certified public accountant to investigate Blue Line’s financial affairs. A preliminary report is to be released by year-end.

October 26, 2010 - 12:02pm

A Delaware bankruptcy court could decide as early as today whether to allow Emivest Aerospace to continue operations after the company filed for creditor protection and reorganization under Chapter 11 of the U.S. bankruptcy code late last week. The maker of the $7.5 million SJ30 light jet indicated that it could obtain up to $4 million in debtor-in-possession financing to keep its doors open and continue to support the four in-service SJ30s.

March 11, 2010 - 11:07am

Phillip Friedman, CEO of Harlow Aerostructures of Wichita, is vying to buy the assets of bankrupt aircraft developer Epic Air. Last year, he mounted an effort to bid on the assets of bankrupt very light jet manufacturer Eclipse Aviation, though he never made it into the final bidding. An auction for Epic's assets is scheduled for March 26.

 
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