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Statement: Hawker Beechcraft Bankruptcy Filing
Hawker Beechcraft, Inc. today announced that it has reached an agreement with a significant number of its senior secured lenders and senior bondholders on the terms of a financial restructuring plan that will strengthen the company for the future and eliminate approximately $2.5 billion in debt and approximately $125 million of annual cash interest expense. To implement the terms of the prearranged restructuring expeditiously, Hawker Beechcraft and certain of its subsidiaries today filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. The terms of the prearranged restructuring agreement will take effect when the company’s reorganization plan is confirmed by the Court and the Chapter 11 case is concluded.
By Hawker Beechcraft
May 3, 2012