Hawker Pacific has backed Hawker Beechcraft (HBC) in its decision to restructure the finances of the company and voluntarily enter the Chapter 11 bankruptcy protection process.
In a statement released today, Hawker Pacific Senior Vice President, Tony Jones welcomed the recent developments and believes HBC is committed to strengthening the company for the future.
“HBC is a global aerospace company supported by a worldwide network of sales and service centres and, with their recent announcement, we firmly believe that it is on the right path to securing its future in the international aviation manufacturing market.”
In a recent statement, HBC announced its agreement with the majority of its largest debt holders on the terms of a financial reshuffling will see the elimination of approximately $2.5 billion in debt and approximately $125 million of annual cash interest expense. HBC has initiated a voluntary Chapter 11 process to implement the prearranged restructuring and, as part of the restructuring, senior lenders will provide $400 million in Debtor In Possession (DIP) financing.
Hawker Pacific the Australian sales and service partner for the HBC range including the G36 Bonanza, G58 Baron, King Air and business jets.