Bankruptcy Not Withstanding, HBC Defends Executive Bonus Plan | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

Monday

Tuesday

Wednesday

Thursday

Friday

Airborne On ANN

Airborne 04.20.15

Airborne 04.14.15

Airborne 04.15.15

Airborne 04.16.15

Airborne 04.17.15

Airborne Hi-Def On YouTube

Airborne 04.20.15

Airborne 04.14.15

Airborne 04.15.15

Airborne 04.16.15

Airborne 04.17.15

Tue, Jul 31, 2012

Bankruptcy Not Withstanding, HBC Defends Executive Bonus Plan

Proposes $5.3 Million Be Paid To Eight Top Managers

Hawker Beechcraft last week presented a plan to U.S. Bankruptcy Judge Stuart Bernstein that would pay $5.3 million in bonuses to eight top executives, saying they are a "talented and capable group" who have a lot of work to do in helping the company emerge from its current state.

Judge Bernstein did not immediately rule on the bonus plan, according to an Associated Press report appearing in the Washington Post, but did greenlight $1.9 million in bonuses for over 30 mid-level managers.

The IAM, who had a representative in the room when the bonus plan was discussed, along with the U.S. Justice department, opposed the plan. Both have filed formal objections to the payment of bonuses at this time. The union in particular says it will actively oppose the payment of bonuses. Judge Bernstein said he had not been given enough information to make a ruling about the additional compensation for the top-level managers.

Union spokesman Frank Larkin said the proceedings needed to be about "what is best for Hawker Beechcraft, its employees, and the city of Wichita." HBC's court filing Thursday said that while there has been  progress, there are still many important decisions to be made.

The company is in exclusive discussions with Beijing, China-based Superior Aviation Beijing for the purchase of the GA and business jet segments of the HBC. The military division would not be sold to the Chinese concern, but the sale would still require multiple levels of regulatory approval before it could be consummated. HBC said its top managers are working simultaneously on two paths out of bankruptcy, and it it emerges as a stand-alone company, they will also have to negotiate their new pensions and retirement plans, as well as support from creditors.

FMI: www.nysb.uscourts.gov/judges/smb.html

Advertisement

More News

New Mooney Acclaim Type S Lost At Lakeland Linder

Aircraft Is Reported To Be Less Than 2 Months Old A nearly brand new Mooney Acclaim, N608MR (pix shown, courtesy of Lakeland FD), was lost in lakeland just prior to the start of th>[...]

Airborne 04.20.15: Mooney Delivers, FAA Wants $$$, New EXP Engines, ANN@Lakeland

Also: BD-22L Accident, CRS-6 First Stage Landing, Gogo/NetJets, Air Canada, Cessna Citation M2, GAMA Hails UK The Mooney International production line seems to be rolling smoothly >[...]

Amazing Amphib! Lakeland 2015 Sponsor Progressive Aerodyne Goes EVERYWHERE

Progressive Aerodyne Does it All -- Land, Sea and Sky! Explore 'no limits' living in the newly FAA certified Searey Elite Amphibious Light Sport Airplane. This distinctive aircraft>[...]

Aspen Avionics, True Innovators, Present SnF2015 Special Event Coverage!

SnF2015 Sponsor: Always-Innovative Aspen Avionics Aspen Avionics specializes in bringing the most advanced technology and capability into general aviation cockpits. Our products in>[...]

Boeing Presents Flight Test 787 Dreamliner To Pima Air & Space Museum

Donation Allows Students, Aviation Enthusiasts, Visitors To See Dreamliner Displayed In Arizona Elected and community leaders and Boeing officials joined together today to celebrat>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2015 Web Development & Design by Pauli Systems, LC