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Aircraft Co. Hawker Beechcraft Descends Into Ch. 11

Law360, Wilmington (May 3, 2012, 8:55 PM EDT) -- Private equity-owned aircraft manufacturer Hawker Beechcraft Inc. landed in bankruptcy on Thursday in New York with a creditor-backed reorganization plan to trim $2.5 billion of debt from its balance sheet.

The Wichita, Kan.-based company — which makes business jets and light military aircraft — said in a statement that lenders holding two-thirds of its bank and bond debt were on board with the restructuring proposal.

Hawker listed both assets and liabilities above $1 billion in its bankruptcy petition. Goldman Sachs & Co.’s private equity unit and...
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