WICHITA, Kansas -- A bankruptcy judge in New York has approved a reorganization plan for Hawker Beechcraft.
Judge Stuart Bernstein reviewed the plan and found that it satisfied all the requirements of the U.S. Bankruptcy Code.
Robert S. Miller, CEO of Hawker Beechcraft, Inc., said, "Today's ruling marks the final significant step in the restructuring process. Throughout this process, we have been guided by the goal of emerging in a strong operational and financial position, with an enhanced ability to compete well into the future. Our recapitalization and dramatically reduced debt load will allow us to do exactly that."
As part of its reorganization, the company intends to rename itself Beechcraft Corporation and implement a business plan that focuses on its turboprop, piston, special mission and trainer/attack aircraft and on its parts, maintenance, repairs and refurbishment businesses, all of which are profitable and have high growth potential.