Hawker Beechcraft Requests More Time to File Chapter 11 Plan
Published August 21, 2012
Categories: Legal & Fraud
According to bankruptcy court documents filed in the U.S. Bankruptcy Court Southern District of New York, Hawker Beechcraft has filed a motion seeking more time to file a Chapter 11 plan through and including December 29, 2012, and the exclusive period to solicit acceptances of a Chapter 11 plan of each debtor through and including February 27, 2013.
The plane maker said it needs more time to evaluate and pursue both emerging from bankruptcy as a stand-alone company and emerging through a third-party sale. In July, Hawker was authorized by the court to enter into an exclusive agreement with Superior Aviation Beijing as a stalking horse bidder. The company is currently engaged in negotiations with Superior regarding a binding agreement that incorporates the terms of Superior’s proposal and that would be effectuated pursuant to the plan.
Hawker noted in its motion the complexity of the case, which involves 18 debtor entities with approximately 5,400 employees, operations throughout the U.S. and almost $2.4 billion in debt. A hearing on the motion is scheduled for August 30, 2012.
Previously on monitordaily: Court Allows Hawker to Negotiate with Superior Aviation, published July 18, 2012