Beechcraft Emerges From Chapter 11 Bankruptcy
Beech Bonanza G36 and other airplanes continue as a new Beechcraft emerges from bankruptcy.
February 19, 2013 - The new Beechcraft formally emerged from bankruptcy after its Joint Plan of Reorganization was approved by the U.S. Bankruptcy Court - Southern District of New York - on February 1, the company announced Tuesday.
The former Hawker Beechcraft Company will focus on the business aviation, special mission, and military trainer/light attack markets.
According to the company's statement, Beechcraft has dramatically reduced its debt load, has a stable, restructured balance sheet, and has the support of a well-capitalized shareholder base.
"Today marks the rebirth of an 80-year-old American aircraft manufacturing business with a globally recognized brand," said Bill Boisture, Beechcraft CEO. The Wichita-based company will continue to produce King Air 350i, 250, and C90GTx turboprops, which comprise a worldwide fleet of more than 7,000 airplanes with more than 50 million flight hours operating in 115 countries.
The company will continue producing Bonanza G36 singles and Baron G58 twin pistons (global fleet of nearly 25,000 combined) positioned as entry level platforms for the King Air line. The company's military aircraft will also continue with the T-6 trainer, currently numbering close to 800 aircraft and more than 2.1 million flight hours worldwide, as well as the newly introduced AT-6 light attack aircraft.
Hawker Beechcraft Service, with 10 facilities in the United States, Mexico, and the United Kingdom and more than 90 authorized service centers around the world will continue supporting all Hawker and Beechcraft products, the company stressed.
The new board of directors is led by Chairman Robert "Bob" Johnson, with Beech's leadership team remaining in place.