Hawker Beechcraft

Wichita Mayor Carl Brewer and Sedgwick County Chairman Tim Norton say they stand behind Hawker Beechcraft and its 4,000 employees. The local leaders held a press conference Thursday to react to Hawker's decision to file for Chapter 11 bankruptcy protection. Norton says Hawker is celebrating 80 years in the community and he expects the company to remain here for another 80 years.  Norton says the county and city are working to understand the situation.  He says they'll continue to help the company but also be good stewards of taxpayer dollars.

Hawker Beechcraft, Inc. today announced that it has reached an agreement with a significant number of its senior secured lenders and senior bondholders on the terms of a financial restructuring plan that will strengthen the company for the future and eliminate approximately $2.5 billion in debt and approximately $125 million of annual cash interest expense. To implement the terms of the prearranged restructuring expeditiously, Hawker Beechcraft and certain of its subsidiaries today filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York.

Hawker Beechcraft has filed for Chapter 11 bankruptcy protection. In a statement, the planemaker said it has reached an agreement with "a significant number of its senior secured lenders and senior bondholders on the terms of a financial restructuring plan. " Hawker Beechcraft said the filing and subsequent restructuring will elminate $2.5 billion in debt and approximately $125 million of annual cash interest expenses. “We are pleased to have reached an agreement with our largest lenders and bondholders on a solution to stabilize and improve our capital structure," CEO Robert S. Miller said in the statement.

350 Hawker Beechcraft employees found out Monday they will no longer have a job.  The company handed out 60 day WARN notices at its Wichita facility.  WARN stands for worker adjustment and retraining notification. Hawker Beechcraft to layoff 350 people Hawker says it's in the process of synchronizing its production line which is prompting the layoffs.  "We continue to manage our way through a challenging and rapidly changing  environment while implementing transformations across our company.  While we have experienced success with our transformation, market conditions are requiring us to adjust our overall production cadence to help ensure the company will compete  effectively in the future," Chairman Bill Boisture stated in a news release.  Hawker Beechcraft committed in 2010 to keeping its aircraft operations in Kansas for 10 years as part of a $45 million deal with state and local officials.

After a tornado tore through Spirit AeroSystems, the vice president says things are improving each hour.  Jeff Turner says they are in much better shape than it appeared earlier.   A tornado left a path of damage on Spirit's property Saturday, damaging six buildings. Frequently Asked Questions for Employees While the company assesses and cleans up the mess, employees are at home.  Spirit suspended operations through Tuesday.  Turner says he's not yet sure how employee pay will be handled during this time off.  But he says those with vacation or other time are allowed to use it. Turner says the timing of the storm was fortunate because only a couple of hundred people were on duty, compared to the thousands that would normally be working.  No one was injured.

The state of Louisiana made Hawker-Beechcraft several offers to move. Five different ones to be exact, based on how much of the company was going to relocate.  According to documents Louisiana released to Eyewitness News Tuesday, the state offered to pay $75 million to build Hawker's new facility, pay $1.1 million for infrastructure expenditures, grant $16.8 for research and development and exempt Hawker from paying property taxes. The agreement also said Hawker would have to give preference to local businesses for all of its parts and supplies.  But, the agreement asks Hawker to transfer ownership of the new factory over to the airport after it moves in. Also, if Hawker failed to meet certain criteria for these incentives, such as non-performance, it would be  required to pay back an amount equivalent to 12-16 percent of the payroll or expenditure shortfall for each year.

Press Release: Hawker Beechcraft, Inc., today announced that it has extended the filing date of its Annual Report on Form 10-K for the year ended Dec. 31, 2011. The Company has filed a Form 12b-25 Notification of Late Filing with the U.S. Securities and Exchange Commission and expects to complete and file the Form 10-K on or before April 16, 2012. Robert S. (Steve) Miller, CEO of Hawker Beechcraft, Inc., said, “The majority of the issues disclosed in this filing reflected the company's financial position as of Dec. 31, 2011.

Hawker Beechcraft Inc, the aircraft manufacturer owned by  Goldman Sachs Group Inc 's private equity arm and Onex Corp, is preparing to file for bankruptcy protection, according to a report by Reuters. But a Wichita bankruptcy attorney says it actually could be a good thing for the company. Bill Zimmerman says this information is not a reason to panic.  He says it could mean the company is working to ensure it can sustain itself for the future. Many Hawker employees and former employees have questions about what this move means for their jobs and for the pensions.

Hawker Beechcraft announces it reached an agreement with lenders to increase its operating cash flow.  The additional $120 million in liquidity will be used towards comprehensive recapitalization. Here's a look at the news release Hawker sent out Tuesday afternoon. Hawker Beechcraft, Inc. today announced it has reached an  agreement with certain lenders that will provide the company with approximately $120 million of  additional liquidity through an incremental term loan facility under its existing credit facility.