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.
In Fond Remembrance Of My Dear Vicki, Five Years Since Her Loss Hi Folks... In the last five years, you and I have been through a lot. We've watched the fortunes of the aviation wo>[...]
A Bit Of History Lovingly Restored To The Sport Aviation World ANN's Michael Maya Charles had to search around at EAA AirVenture 2014 to find this story. The Aeroplane Factory buil>[...]
International Fellowship of Flying Rotarians The International Fellowship of Flying Rotarians (IFFR) is a group of Rotarians dedicated to promoting Rotary and aviation as an opport>[...]
Used by ATC to direct aircraft to intervening fixes between the en route structure and the initial approach fix.>[...]
"We pause to remember the life and legacy of an American hero. Bernie's life is an inspiration to those who met him and to all Airmen who will continue to hear his story. Source: C>[...]