Hawker Beechcraft Will Have New Owners Following Debt Of $2.5 Billion
Hawker Beechcraft Corporation (HBC) has disclosed that the company will be under the new ownership subsequent to its appearance from a financial reorganization as per Chapter 11 bankruptcy protection later part of 2012.
The company s executive vice president for customers-- Shawn Vick has stated that the HBC s present owners Onex Partners plus GS Capital Partners are offloading their interest in Hawker Beechcraft, with the company's creditors are swapping a debt burden of $2.5 billion for possession rights in the company. Consequently, the company's creditors will be the new proprietors of HBC under the reshuffle course of action, stated he. "Over $2 billion of our debt has been wiped off the balance sheet as our debt holders have agreed to exchange their debt for ownership in the company," Vick added.
According to Vick, the potential owners of the company are a cluster of unnamed financial establishments. Although Hawker Beechcraft is going through tough time financially, yet it is willing to emphasize "it's business and usual" this morning and tried to exhibit a strong-willed confidence for the long-term future of the eight decade old general aviation company. In early part of this month, HBC willingly filed for bankruptcy protection under Chapter 11, however, it has not stopped manufacturing, support and delivering of aircraft to its clients. The company s delivery of two Hawker 4000 business aircrafts - one to charter company Orion Malta and the following to Romanian operator InterAviation this morning demonstrated this. Hawker Beechcraft is exhibiting eight aircraft at EBACE this year and the super midsize business plane is one of them.
The array also embraces a Premier 1A entry-level business jet, a special mission King Air 350ER demonstrator, a 350i, a Baron G58 piston twin, an 800XPR and a 900XP. The 800XPR is debuting in EBACE. The midsize business jet is the most recent adaptation of the omnipresent 125 series. "The Hawker 125 series is one of the most iconic business aircraft in the industry," stated Ron Gunnarson, the vice president for marketing-- Hawker. The accomplishment of the 125 series is among the several admired aircraft in the Hawker Beechcraft bouquet. "We have a well-respected global brand and a very large installed base," opined Vick.
He has also added that the orders for the 900XP in 2012 have been increased by twofold over 2011. According to the General Aviation Manufacturers Association, the 900XP takes 34% share of business jet shipments in the midsize sector in 2011, whilst its King Air family reflected 42% of business turboprop deliveries in this period. "We delivered 107 King Airs last year and the entire King Air series continues to be ordered at an impressive rate around the world," commented Sean McGeough, Hawker Beechcraft president, Europe, Middle East Africa and Asia Pacific.
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