Beechcraft Emerges From Bankruptcy

Beechcraft, formerly Hawker Beechcraft, has come out of Chapter 11 bankruptcy protection having secured long-term financing. Beechcraft secured $600m in permanent financing, including a $425m term loan facility and a $175m revolving facility. A portion of the term loan facility was used to repay the company’s debt. The remainder, together with the revolving facility, is funding ongoing operations. “Today marks the rebirth of an 80-year-old American aircraft manufacturing business with a globally recognised brand. Beechcraft has emerged from this process a stronger company with both financial and operational strength and stability,” Bill Boisture, CEO of Beechcraft, said yesterday when the news was announced.  Robert Johnson is the chairman of the company’s new board. Its other members are: Donald Cook, Gene Davis; Ralph Heath; David Tolley; Gideon Argov; Mark Ronald; Paul Fulchino and Bill Boisture. The company’s leadership team remains the same.

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