China Company to Acquire Hawker Beechcraft for $1.79 Billion

Hawker Beechcraft of Wichita, Kan., said Monday that it has agreed to be acquired by a Beijing-based aerospace manufacturer in a $1.79 billion deal.

Hawker, which employs about 450 workers at Adams Field in Little Rock, said the deal could save "thousands of American jobs," including those in Little Rock and Wichita.

Hawker, which filed Chapter 11 bankrupcy in May and preliminary reorganization plans in Kansas on June 30, said it reached the deal with Superior Aviation Beijing Co. Ltd. as part of its review of strategic options.

In a news release, Hawker said Superior plans to make Hawker Beechcraft "its flagship investment; maintain Hawker Beechcraft's U.S. headquarters, management team and employees; and continue product development throughout its commercial product lines."

Under the deal, Superior will acquire Hawker Beechcraft for $1.79 billion and make payments over the next six weeks to keep the company going until the close of the purchase, which remains subject to U.S. Bankruptcy Court approval and the auction process.

The companies say that if purchase negotiations "are not concluded in a timely manner," Hawker will proceed with its banruptcy reorganization plan, through which the company hopes to emerge "as a standalone entity with a more focused portfolio of aircraft."

Hawker said the deal does not include its?Beechcraft Defense Company, or HBDC.

Hawker filed for?bankrupcy after the recession amid slowing demand for its aircraft.

The full news release from Hawker:

Hawker Beechcraft Executes Exclusivity Agreement with Superior Aviation Regarding Strategic Combination

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Source: http://www.arkansasbusiness.com/article.aspx?aid=132116.54928.144245

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