Hawker Beechcraft Bankruptcy Takes A Turn
After filing for Chapter 11 back in May, private business-jet maker Hawker Beechcraft has been continuing to suffer sales. Now, the company is looking at reorganizing into a stand-alone company as they make their way out of bankruptcy.
Low Flying Profits
Hawker Beechcraft was once a well known name in luxury jets for businessmen and corporations. However, claiming close to $2.5 million in debt obligations Beechcraft was considering a sale to Aviation Beijing Co. After this sale collapsed a few weeks ago, Hawker is considering an alternative strategy for exiting bankruptcy.
They are still reviewing bids and looking for buyout options, but if nothing satisfactory is received soon the company will restructure into Beechcraft Corp. This post-bankruptcy company would focus on turboprops, piston-engine planes and special mission and trainer/attack aircraft for military uses, along with its parts, maintenance and repair businesses. Hawker is scheduled to disclose its intentions in bankruptcy court on November 15th, with a possible bankruptcy exit the first quarter of next year.