Beech Hopes To Sell Jet Business This Summer (Corrected)
Beechcraft hopes to sell off the now-dormant Hawker jet assets within three months and is dealing with several potential buyers. In comments made after a speech to the Wichita Aero Club Monday, Beechcraft CEO Bill Boisture said the company has non-disclosure agreements with an unspecified number of interested parties and is, of course, not saying who they are. An online "data room" for qualified purchasers has been set up. Beechcraft dumped the jet line as part of its restructuring and emergence from Chapter 11 bankruptcy, a process Boisture said has set up the new company to prosper even in difficult times. "We have come out clearly and cleanly as Beechcraft," Boisture is quoted by the Wichita Eagle as saying. "We've got ourselves on a good foundation now." Boisture said.
Boisture said the company is carrying about $425 million in debt compared to the $2.6 billion it had before restructuring. It has also shed hundreds of jobs and reduced its manufacturing footprint by 40 percent. Among those in the audience were representatives of companies that were owed money by Hawker Beechcraft before it went into Chapter 11. "You went down a rough road with us this past year," he said. "We want to thank you and your companies for your support."