Beechcraft comes out of Chapter 11 a new company
February 19, 2013, 01:19 pm
Beechcraft, which recently changed its name from Hawker Beechcraft, announced that it has come out of Chapter 11.
Their Joint Plan of Reorganization was approved by the U.S. Bankruptcy Court for the Southern District of New York and went into effect on February 15. The plan reduced the company's debt, restructured the balance sheet and helped the shareholder base.
"Today marks the rebirth of an 80-year-old American aircraft manufacturing business with a globally recognized brand," said Bill Boisture, CEO of Beechcraft. "Beechcraft has emerged from this process a stronger company with both financial and operational strength and stability. We have a strong line of versatile and globally renowned products like the King Air turboprop and the T-6 military trainer aircraft, and the largest global customer support network in the industry."
Boisture added that the company's highly skilled and dedicated work force is focused on building reliable and quality aircraft and that with these foundations, Beechcraft will compete and win worldwide.
In the first nine months of 2012, global shipments in general aviation aircraft increased 4 percent to 1,393. Wichita general aviation manufacturers, which include Bombardier Learjet, Cessna Aircraft and Beechcraft, delivered 487 of those planes, down from 583 on a year-over-year comparison.
General aviation pilots in the new year are encouraged to never fly without pilot insurance.
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