Some Hawker Beech Bonuses Approved
At least 31 senior Hawker Beechcraft employees will receive payments totaling $1.9 million after a bankruptcy judge approved that part of the Key Employee Incentive Program that is part of the company's bankruptcy filing. However, a decision on the big prize for the company's top eight executives, bonuses totaling $5.3 million, has been deferred until Aug. 6, with the judge inviting new evidence to be considered. The company insists the bonuses are justified because taking a company out of bankruptcy and transferring its assets to another owner is a lot of work. They will also preside over the "orderly shutdown" of the business jet part of the business.
The Machinists Union is upset about the whole idea of the sale of Hawker Beech to Superior Airparts, which has an exclusivity agreement with the company to pursue a takeover worth about $1.79 billion. Superior is owned about 40 percent by Chinese interests and the union has warned the sale will give China access to technology and equipment it does not now have. As for the bonuses, the union has hit the "complete irony and hypocrisy" of awarding millions of dollars to those who have been at the helm of the company for its decline.