WICHITA, Kan., Dec. 5, 2012 /PRNewswire/ -- Hawker
Beechcraft, Inc. (Hawker Beechcraft) today announced that the
Disclosure Statement filed in connection with the company's Joint
Plan of Reorganization (POR) has been approved by the U.S.
Bankruptcy Court for the Southern District of New York. Court
approval of the adequacy of the Disclosure Statement allows Hawker
Beechcraft to begin soliciting approval of the POR from its
creditors. The POR is supported by the Official Committee of
Unsecured Creditors, and holders of a majority of the obligations
under the company's prepetition credit facility and senior
unsecured bonds have also committed to support it.
The voting process will be completed by Jan. 22, 2013, and the company will seek approval
from the Court to exit bankruptcy at the confirmation hearing
scheduled for Jan. 31, 2013.
Upon its emergence from Chapter 11, the company plans to enter
into a new financing facility of at least $525 million, consisting of a term loan and a
revolving line of credit, that will be used to repay the
debtor-in-possession (DIP) post-petition credit facility, issue
letters of credit to replace the DIP and fund ongoing
operations.
As part of its reorganization, the company intends to rename
itself Beechcraft Corporation and implement a business plan that
focuses on its turboprop, piston, special mission and
trainer/attack aircraft – the company's leading products – and on
its parts, maintenance, repairs and refurbishment businesses, all
of which are profitable and have high growth potential.
Hawker Beechcraft's legal representative is Kirkland & Ellis
LLP; its financial advisor is Perella Weinberg Partners LP; and its
restructuring advisor is Alvarez & Marsal. The Ad Hoc Committee
of Senior Secured Lenders' legal representative is Wachtell Lipton
Rosen & Katz. Credit Suisse serves as agent for the lenders
under Hawker Beechcraft's secured pre-petition and
debtor-in-possession credit facilities. Credit Suisse' legal
representative is Sidley Austin LLP and its financial advisor is
Houlihan Lokey. The Unsecured
Creditors Committee's legal representative is Akin Gump Strauss
Hauer & Feld LLP and its financial advisor is FTI Consulting,
Inc.
This release is not intended as a solicitation for a vote on the
POR.
Hawker Beechcraft is a world-leading manufacturer of business,
special mission, light attack and trainer aircraft – designing,
marketing and supporting aviation products and services for
businesses, governments and individuals worldwide. The company's
headquarters and major facilities are located in Wichita, Kan., with operations in Little Rock, Ark.; Chester, England, U.K.; and Chihuahua, Mexico. The company leads the
industry with a global network of more than 100 factory-owned and
authorized service centers. For more information, visit
www.hawkerbeechcraft.com.
Media contact:
Nicole Alexander
+1.316.676.3212
Nicole_Alexander@hawkerbeechcraft.com
www.hawkerbeechcraft.com
SOURCE Hawker Beechcraft, Inc.