Hawker Beechcraft closer to bankruptcy protection agreement
Copyright 2010, Hawker Beechcraft
Copyright 2010 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Posted: 01/25/2013
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By: Associated Press
WICHITA, Kan. (AP) - Hawker Beechcraft says key creditors are overwhelmingly backing its proposed reorganization plan in a vote that moves the company closer to emerging from bankruptcy protection.
The company said Friday that it will seek court approval to exit bankruptcy at a hearing Thursday and expects to emerge from Chapter 11 in February.
It also said it has secured an underwriting commitment for $600 million in exit financing consisting of a term loan and revolving line of credit from JPMorgan Chase Bank and Credit Suisse AG.
Hawker Beechcraft Inc. CEO Robert "Steve" Miller said in a news release that the show of support from creditors will dramatically reduce the company's debt load, while the financing commitment marks an important milestone as the company emerges from restructuring.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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