As the recession dragged on, the general aviation market was hit especially hard.
Reeling from a lengthy, depressed market for business and other general aviation aircraft, Beechcraft had the added burden of an outsized debt, left over from its 2007 sale. And it laid off hundreds more workers and recorded hundreds of millions of dollars of losses.
In February 2012, Hawker brought on Robert "Steve" Miller -- who had experience taking companies through bankruptcy -- as CEO, replacing Bill Boisture, who remained the company's chairman. Four months later, the company filed Chapter 11 bankruptcy reorganization.
A month later, it filed its plan of reorganization with U.S. Bankruptcy Court in the Southern District of New York, which included an option to sell the entire company.
In July of that year, the company announced plans to sell to Superior Aviation Beijing Co., in a $1.79 billion deal. But the deal fell apart in October.
In December, the bankruptcy court approved Hawker's plan to emerge from bankruptcy as a smaller, stand-alone company called Beechcraft Corp. The plan called for it to stop production of jets.
In February the company emerged from bankruptcy, with Boisture back as its CEO. It also had new owners, most of whom were its secured creditors duing the bankruptcy: Angelo, Gordon & Co.; Capital Research & Management; Centerbridge Partners LP; and Sankaty Advisors, a division of Bain Capital.
Events and activities will occur throughout the year, including special Beechcraft celebrations at the Experimental Aircraft Association's annual Air Venture show in July as well as an open house in...
Hawker Beechcraft’s 80th anniversary is being celebrated in conjunction with the 50th anniversary of the Hawker 125 series – represented today as the Hawker 900XP.
HBC will celebrate the milestone anniversary at the EAA Airventure 2012 by inviting attendees to its display (322-345) for cake and giveaways in the afternoon on Wednesday, July 25.