Hawker Beechcraft (HBC) has been given the go-ahead to continue trading through its bankruptcy proceedings having been granted Chapter 11 protection by the US courts.
The Wichita company has taken action against suppliers that are demanding payment on delivery and has also sought court approvals to make certain payments ahead of other agents or suppliers.
Officials have stressed that employment will not be directly affected by the bankruptcy, and that they will continue to fill orders and serve customers. The company employs about 6,000 worldwide, including 4,700 in Wichita.
The company said in court documents it will use $400 million in debtor-in-possession financing negotiated as part of a prearranged restructuring to meet the obligations.
In a filing with the court on Friday, HBC said it owes more than $225 million to about 1,600 vendors for goods and services. The company is asking the court to pay up to $81 million, or about 35 percent of what’s owed, to its “most essential” vendors and suppliers. That’s the amount the company estimates it may be required to pay to make sure it receives a continued supply of essential goods and services, it said.
Meanwhile the company enjoyed some good news today.
It announced the successful first flight of the Hawker 400XPR engine test article. This was the first flight of an upgraded aircraft with new Williams International FJ44-4A-32 engines.
The Hawker 400XPR upgrade combines the increased power of the Williams International FJ44-4A-32 engines with the superior aerodynamics of genuine Hawker Winglets. Also available are optional Rockwell Collins Pro Line 21™ avionics and a number of system enhancements that significantly improve performance, operating cost and resale value. The company anticipates certification in September 2012.
“The first flight of the Hawker 400XPR engine test article is a major milestone and significant achievement for our design and production teams,” said Christi Tannahill, senior vice president, Hawker Beechcraft GCS. “Hawker Beechcraft and its partners spent countless hours and great effort to ensure the Hawker 400XPR exceeds the needs our customers require in their light-jet aircraft. We continue to see great demand for this upgrade in the market and look forward to certification and deliveries commencing later in the year.”
Article Source : Arabian Aerospace
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