WICHITA, Kan. (AP) — Plane maker Hawker Beechcraft Corp. is a step closer to exiting bankruptcy after a court ruling approving the company's disclosure statement.
The ruling by the bankruptcy court on Wednesday means Hawker Beechcraft can begin soliciting approval of its plan of reorganization from its creditors. The voting is expected to be completed by Jan. 22.
The company says it will seek court approval to exit bankruptcy at a confirmation hearing scheduled for Jan. 31.
Hawker Beechcraft says its reorganization plan is supported by a committee of unsecured creditors and the majority of its creditors.
It plans to rename itself Beechcraft Corp. The new company will focus on its more profitable turboprop, piston, special mission and military aircraft, as well as its parts, maintenance, repairs and refurbishment business.