Bloomberg reported that Hawker Beechcraft’s effort to exit bankruptcy was disrupted after a judge refused to approve part of the aircraft manufacturer’s restructuring plan.
Hawker Beechcraft received approval from its creditors for the proposed Joint Plan of Reorganization. The company will seek court approval to exit bankruptcy January 31 and expects to emerge in the second half of February. J.P. Morgan and Credit Suisse will arrange the exit financing.
Dow Jones reported that Hawker Beechcraft said it has struck a deal for $600 million in exit financing from lenders led by J.P. Morgan Chase to take it out of Chapter 11 protection.
The U.S. Bankruptcy Court for the Southern District of New York has scheduled a hearing on January 17 to consider the agreement between Hawker Beechcraft and the Pension Benefit Guaranty Corp.