Hawker Beechcraft has announced that it has filed for Chapter 11 bankruptcy after striking a deal with creditors to swap $2b in debt for control of the reorganised company. Hawker also announced last week that it would be laying off 350 staff.
In a statement, Beechcraft CEO Robert S Miller explained, “”Restructuring our balance sheet and recapitalising the company in partnership with our debtholders will dramatically improve Hawker Beechcraft’s ability to compete in a rapidly changing environment.”
The company says it will continue to operate “in the normal course of business” and fill all orders for available products.
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