Tue, May 08, 2012
Company Will Continue To Operate Normally During Reorginazation
The U.S. Bankruptcy Court for the Southern District of New York has granted approval of the "First Day Motions" filed by Hawker Beechcraft as part of the company's voluntary filing for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Approval of these motions will enable Hawker Beechcraft to continue to operate in the ordinary course of business during the reorganization process.
Hawker Beechcraft received approval to continue to pay employees, and to pay all vendors and suppliers in the ordinary course for goods and services delivered after the commencement of the Chapter 11 case. The company will utilize a commitment for $400 million in Debtor-in-Possession (DIP) financing, negotiated as part of the prearranged restructuring, to meet these obligations.
Hawker Beechcraft's cases are being presided over by the Honorable Judge Stuart Bernstein of the U.S. Bankruptcy Court for the Southern District of New York. Hawker Beechcraft's jointly administered case number is Hawker Beechcraft Inc., 12-11873.
On May 3, 2012, Hawker Beechcraft, Inc. and a significant number of its senior secured lenders and senior bondholders agreed to the terms of a financial restructuring plan that will eliminate approximately $2.5 billion in debt and approximately $125 million of annual cash interest expense and strengthen the company for the future.
The company's legal representative is Kirkland & Ellis LLP, its financial advisor is Perella Weinberg Partners LP, and its restructuring advisor is Alvarez & Marsal.
Also: New York Airways 1962, Mica Wants Privatized ATC, Ares UAV, Textron ProAdvantage, Boeing SC Union Vote, Whirly Girls The Honda Aircraft Company has announced that the HondaJe>[...]
Had Been One Of The Doolittle Raiders Who Attacked Tokyo In 1942 One of the last of the 80 men to climb aboard 16 B-25 bombers and launch from an aircraft carrier in April 1942 to >[...]
Shawn Pederson - Road to Recovery Six months ago, Shawn "Norm" Pederson took the road less travelled. After retiring from a career of public service as United States Air Force pilo>[...]
With respect to the operation of aircraft, means the height at which a decision must be made during an ILS, MLS, or PAR instrument approach to either continue the approach or to ex>[...]
“NBAA is pleased that the FAA continues to recognize the importance of this tool to NBAA Member business aircraft owners seeking to maximize the efficiency and usability of a>[...]