The Joplin Globe, Joplin, MO

Business

February 19, 2013

Beechcraft emerges from bankruptcy protection

WICHITA, Kan. — Kansas plane maker Beechcraft Corp., formerly Hawker Beechcraft, has emerged from bankruptcy protection as a slimmed-down company.

The renamed company’s formal announcement Tuesday comes just two weeks after its reorganization plan was approved by the U.S. Bankruptcy Court in the Southern District of New York. The plan became effective Friday.

It allows the company to exit bankruptcy with a reduced debt load better positioned to compete in special mission, trainer and light attack airplane markets while retaining its turboprop King Air line of planes. The company shed its unprofitable business jets.

CEO Bill Boisture says in a news release that today marks the rebirth of an 80-year-old American aircraft manufacturing business with a globally recognized brand. He says the company emerged from the process a stronger company.

 

1
Text Only
Business
Poll

A new provision by the U.S. Department of Agriculture allows qualifying districts with high percentages of students on food assistance to allow all students to eat free breakfasts and lunches. Would you agree with this provision?

Yes
No
     View Results
Facebook
Twitter Updates
Follow us on twitter
NDN Video
Raw: Massive Dust Storm Covers Phoenix 12-hour Cease-fire in Gaza Fighting Begins Raw: Bolivian Dancers Attempt to Break Record Raw: Israel, Palestine Supporters Rally in US Raw: Palestinians and Israeli Soldiers Clash Raw: Air Algerie Flight 5017 Wreckage Virginia Governor Tours Tornado Aftermath Judge Faces Heat Over Offer to Help Migrant Kids Kerry: No Deal Yet on 7-Day Gaza Truce Kangaroo Goes Missing in Oklahoma More M17 Bodies Return, Sanctions on Russia Grow Gaza Residents Mourn Dead Amid Airstrikes Raw: Deadly Tornado Hits Virginia Campground Ohio State Marching Band Chief Fired After Probe Raw: Big Rig Stuck in Illinois Swamp Cumberbatch Brings 'Penguins' to Comic-Con Raw: Air Algerie Crash Site in Mali Power to Be Restored After Wash. Wildfire Crashed Air Algerie Plane Found in Mali Israel Mulls Ceasefire Amid Gaza Offensive