Al Marsh

Hawker bankruptcy case to lag through February

September 5, 2012 by Alton K. Marsh, Senior Editor, AOPA Pilot

A New York bankrupcty court has granted until Feb. 27, 2013, for Hawker Beechcraft to find a solution to its bankruptcy problems. During that time HB will continue to negotiate with Superior Aviation of Beijing for a $1.79 billion buyout, but is not limited to that solution alone. When the deal was announced, HB and the Chinese owner of Superior Aviation said they needed 45 days to work on the deal to the exclusion of all others, adding that it probably wouldn’t take the full 45 days. That period has passed with no deal, but with HB saying progress is good. An attorney told the court there could even be a negotiated deal this week. HB attorneys wanted the additional time–and have reserved the right to ask for an even longer period of exclusive negotiation–before others can file a Chapter 11 plan. The company is still free to drop the Chinese sale and pursue alternatives.  No matter which way the company goes it seems certain HB will move towards being a service company for the aircraft already in the fleet. Industry analyst Brian Foley says the company was already headed that direction before filing for bankruptcy.

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One Response to “Hawker bankruptcy case to lag through February”

  1. JR Widders Says:

    This is Aviations version of Let them go bankrupt. The best thing that could happen to GA is for half to two thirds of the single engine aircraft makers to stop production. Cirrus has won the battle. Mooney, Beech, Piper, Cessna, and all the other even smaller companies need to go out of business. Piper, Beech, and Cessna should then join forces with Cirrus to reduce the costs of the increased volume SR20 and 22 and begin the development of the Six Place Cirrus. The same needs to happen in the Single Engine Jet space. Honda, Cirrus, Embrear, and others should declare a winner and produce one. It would be safer and cheaper with everyone pulling together. The GA industry could then fix the other main issue to the falling pilot population by getting control of the insurance companies. The number one killer of GA.

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