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Hawker reaches $1.8 billion deal with Chinese company

11-07-2012

A Chinese company, Superior Aviation Beijing Co., has agreed to buy Hawker Beechcraft for $1.79 billion in a deal that could bring Hawker out of bankruptcy and spare its U.S. operations. Hawker had been shopping for buyers for months before entering bankruptcy in May to escape its debt after an earlier takeover. The offer from Superior could still fall through, since it must be approved by regulators both in the U.S. and in China, as well as by the U.S. bankruptcy court handling the case. That process could take several months. If finalized, Superior said it would keep Hawker’s management team and production lines in place, moves that would save Hawker’s 7,400 employees for the time being. But it’s not clear what the company’s long-term prospects would be under the deal. Hawker had previously said that if it emerged from bankruptcy as a standalone company, it would likely cut back its business jet lineup, but would keep producing its popular King Air turboprop models.

http://www.washingtonpost.com/business/hawker-beechcraft-announces-179-billion-sale-to-chinese-firm-to-support-ongoing-operations/2012/07/09/gJQATjE5YW_story.html

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