Hawker Beechcraft announced the key creditors voting in the company’s solicitation process have overwhelmingly approved its proposed Joint Plan of Reorganization.

Hawker Beechcraft will seek approval from the court to exit bankruptcy at the confirmation hearing scheduled for January 31 and expects to emerge from Chapter 11 in the second half of February. A new board of directors, to be appointed by the new owners of the company, will take over on the date of emergence.

The company also announced that J.P. Morgan Securities and Credit Suisse Securities agreed to act as joint lead arrangers and joint bookrunners to structure, arrange and syndicate $600 million in exit financing.

The affiliated banks of the joint lead arrangers, JPMorgan Chase and Credit Suisse AG, have committed to underwrite the financing. The financing will be used to repay all claims under the DIP post-petition credit facility, pay certain settlement and cure payments and fund ongoing operations.

Robert S. “Steve” Miller, CEO of Hawker Beechcraft, said, “The tremendous show of support of our creditors for the Plan, which will dramatically reduce Hawker Beechcraft’s debt load, and the financing commitment from JPMorgan and Credit Suisse mark an important milestone for the company as it moves closer to emerging from the restructuring process.”

Hawker Beechcraft is a manufacturer of business, special mission, light attack and trainer aircraft – designing, marketing and supporting aviation products and services for businesses, governments and individuals worldwide.

Previously on abfjournal.com:

J.P. Morgan to Arrange Bankruptcy-Exit Financing for Hawker, Wednesday, January 16, 2013