Hawker Beechcraft key creditors voted “overwhelmingly” today to approve the Wichita-based OEM’s proposed Joint Plan of Reorganization as part of its efforts to emerge from bankruptcy.
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.”
Barely two weeks after filing for U.S. Chapter 11 bankruptcy protection, Hawker Beechcraft Corporation (Stand 7060) told a pre-EBACE press conference on May 13 that it will be “well positioned for the future” when it emerges from that status later this year.
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.
Taking a proactive approach toward the anti-icing regulations proposed by the FAA in June 2010–and still unscheduled for adoption into the FARs–Spirit AeroSystems (Booth No. C11720) has been working with Wichita State University and an undisclosed supplier to develop two new anti-icing systems for nacelles surrounding large aircraft engines.
Hawker Beechcraft last week celebrated its first anniversary as a private entity, and the company reports it’s doing very well all on its own. On March 26, 2007, GS Capital Partners, an affiliate of Goldman Sachs and Onex Partners, acquired the former Raytheon Aircraft.
Hawker Beechcraft delivered 120 business airplanes in the fourth quarter, up from 94 aircraft shipped in the last quarter of 2006. The Wichita-based manufacturer delivered 319 business jets and turboprops last year, a 13.9-percent increase from the 280 business aircraft shipped in 2006.
Goldman Sachs, the Wall Street investment firm, has a thing for business aviation, according to Sanjeev Mehra, the firm’s managing director. Raytheon Aircraft, purchased on March 26 this year, was its most recent acquisition. Investment funds controlled by the Goldman Sachs affiliate Goldman Sachs Capital Partners and Canada’s Onex Partners bought the Wichita OEM for $3.3 billion in debt and equity and renamed it Hawker Beechcraft.
Hawker Beechcraft has signed a multi-year contract with Satyam Computer Services, India’s fourth-largest software exporter, to provide design and other services.
Selected for its aerospace engineering experience, Satyam will enable Hawker Beechcraft to streamline its engineering operations and “respond more quickly to business opportunities,” the U.S. airframe manufacturer said.
Hawker Beechcraft Corp. is here for the first time in its new form, since Onex Partners and GS Capital Partners acquired the company from Raytheon. On the static display, it is exhibiting several business aircraft, including three jets–a Hawker 4000, a Hawker 850XP and a Beechcraft Premier IA–and a Beechcraft King Air 350ER turboprop.
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