Tue, May 15, 2012
But Company Exec Says Any Such Talk Is Pure Speculation
Hawker Beechcraft’s bankruptcy reorganization could be seen as a chance for the company’s competitors to buy up parts of the struggling airframer, but the company says it will emerge as a stronger, debt-free industry player. Shawn Vick, executive vice president-customers said in an interview at EBACE "We're going to emerge as a strong, well-positioned, profitable company in the not-too-distant future."
Dow Jones reports that with $2.5 billion of debt, the company filed for Chapter 11 protection on May 3rd and expects to emerge in the last quarter of 2012. One of its first goals is to continue new product development, having fallen behind competing companies after the 2008 financial crisis.
Several holders of the company’s debt have agreed to do a debt for equity swap that will give them control, and they will put up$400 million so Hawker Beechcraft can continue to pay its suppliers. Goldman Sachs Capital Partners and Onex bought the company from Raytheon Co in 2007, and will retain token stakes once the restructuring is completed.
Vick address the issue of a potential leveraged buyout by saying "Do I expect interest from third parties? Yes, there's been interest from third parties," Vick said. "Am I going to be surprised if we're of interest to a variety of people who might view us as a strategic opportunity? No I won't be surprised at all because that's the way the world works." He added “There are always either financial buyers or strategic buyers looking for value opportunities. Anything's possible. To assume anything other than that isn't being realistic."
Department Seeks Grants To Help Keep Aircraft Flying The police department in Toledo, OH may be forced to ground its helicopter unless it is able to identify a grant for the $300,0>[...]
Despite What Appeared To Be A Decent Ditching Effort, An Outstanding Pilot Was Lost The airshow community has suffered its second tragedy in nearly as many weeks as long-time warbi>[...]
"Putting the world's largest satellite constellation into orbit is an enormous task and Arianespace is ideally suited to launch the initial constellation, allowing OneWeb to start >[...]
Good News, Bad News... It's ALL News As the preeminent online aviation news resource out there, the editorial staff at Aero-News sees a large number of news releases. We look at al>[...]
Empire Aviation Group Selects Honeywell Technologies For Its Entire Fleet Honeywell has signed an agreement with Empire Aviation Group to provide its full suite of GoDirect connect>[...]