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Hawker ready to emerge from bankruptcy

01-01-2013

Hawker Beechcraft, best known for its business jets, King Airs and Barons, filed for bankruptcy in May, a blow to general aviation’s halting recovery. In 2007, a group of private equity firms bought the company, adding to its debt to cover the purchase price. That meant Hawker Beechcraft was saddled with about $3.6 billion in debt, much of it from the sale. Negotiations with a Chinese company fell through, leaving Hawker to come up with a reorganization plan to revive itself. The company now intends to leave bankruptcy next month, reborn as Beechcraft Corporation, and with a thinner portfolio of aircraft. The company won’t make business jets or even support previously sold models still under warranty. It will continue making turboprops and piston planes, and plans to make military training aircraft as well.