Hawker Beechcraft Closer To Getting Out Of Bankruptcy
Associated Press - Sat 03:46 AM 01/26/2013
The company expects to emerge from Chapter 11 in February.
WICHITA, Kan. (AP) — Hawker Beechcraft says key creditors are strongly backing its proposed reorganization plan in a vote that moves the company closer to emerging from bankruptcy.
The company said Friday that it will seek court approval to exit bankruptcy at a hearing Thursday and expects to emerge from Chapter 11 in February.
It also said it has secured an underwriting commitment for $600 million in exit financing consisting of a term loan and revolving line of credit from JPMorgan Chase Bank and Credit Suisse AG.
Hawker Beechcraft Incorporated CEO Robert Miller said in a news release that the show of support from creditors will dramatically reduce the company's debt load, while the financing commitment marks an important milestone as the company emerges from restructuring.
Comments must stay on topic and be respectful. Comments that are personal attacks, make unfounded accusations, or are for the purpose of "trolling" or inciting others will be removed. Offending users will have their profile suspended.
Post a comment Log in or Register to comment
iamgonnagetu3
Sunday 27 January 2013 00:45 Report this comment
The Unions will find a way to put them back into the poor house before they know it. "Just look for the Union label!", and failure and job cuts are not too far behind.
IamMe
Sunday 27 January 2013 21:04 Report this comment
Them darn union people! Get rid of them and give the ceo's a raise by god!