Beechcraft has formally emerged from Chapter 11 bankruptcy protection after the reorganisation plan approved by the US bankruptcy court took effect on February 15.
The company is no longer known as Hawker Beechcraft and will now concentrate on the propellor aircraft range only.
Securing permanent financing of $US600 million, comprising $US475 million in loans and $US175 million revolving facility, was critical to the reorganisation being approved. The company coffers were also boosted by a $US50 million deposit left behind when sale negotiations with Chinese suitor Superior Aviation fell through.
Beechcraft CEO Bill Boisture is confident that the 80-year-old aircraft builder has a successful future ahead of it.
“Today marks the rebirth of an 80-year-old American aircraft manufacturing business with a globally recognized brand. Beechcraft has emerged from this process a stronger company with both financial and operational strength and stability,” he said when formally announcing the end of Chapter 11 protection.
“We have a strong line of versatile and globally renowned products like the King Air turboprop and the T-6 military trainer aircraft, and the largest global customer support network in the industry. Our highly skilled and dedicated work force is focused on building aircraft of exceptional quality and reliability. With these elements as our foundation for the future, we will compete worldwide and we will win.
“I would like to thank our employees for their hard work and focus, and our union partner, key creditors, elected officials, suppliers and customers for their strong support throughout this process.”
Beechcraft’s product portfolio will now include the King Air family of the 350i, 250 and C90GTx, the piston-engine Bonanza G36 and Baron G58 twin, the T-6 military trainer and the newly introduced multi-role AT-6 for light attack missions. There is also a single-engine turbine on the drawing board.
Although the Hawker jet range is not included in the Beechcraft portfolio, the company has said it will continue to support customer aircraft.