(WICHITA, Kan.)—Hawker Beechcraft is no more, in it's place Beechcraft Corp. The aviation company has a new name, a smaller product line and more importantly, it is out of bankruptcy.
There is a new flag flying outside of Beechcraft's corporate headquarters, and soon even more big red B's going up around the plant
It took ten months to get this company out of bankruptcy. Now the C.E.O. is focused on building beechcraft's financial future.
"It's an exciting time for me personally and everybody in this company," said Beechcraft C.E.O. Bill Boisture. "We've got a great brand that's been here in Wichita for 82 years."
Boisture says the plant is here to stay. He's returning to his old role at the company to help it build a brighter tomorrow.
"One we need to get the word out that Beechcraft is back, that we are strongly capitalized, that we are financially stable and that we have to focus on the things that has made Beechcraft great," Boisture said.
That means Beechcraft won't build business jets anymore. Instead workers will only make its propeller-driven planes and military aircraft.
"We have to think that there is some pent up demand, because the demand for products has been low," Boisture said. "The inventory of our airplanes, used inventory is low which is a good precursor to seeing better things."
Plus no more layoffs. Beechcraft cut about 1,000 workers during the bankruptcy process. Boisture says the 3,400 workers in Wichita and 5,300 more world wide are safe.
Beechcraft still has some debt to deal with, about $225 million when you count its cash on hand. That's 80% less than the old total ten months ago, which topped $2.5 billion.