Message to our Vendors and Suppliers
May 3, 2012
Dear Valued Partner,
Hawker Beechcraft announced today that it reached an agreement with a significant majority of our largest debtholders on the terms of a comprehensive financial restructuring, including the elimination of most of the company’s debt and interest expenses. This is a positive development for the company and the next step toward putting Hawker Beechcraft on firm financial footing and strengthening the company for the future.
To implement the terms of this agreement as quickly and efficiently as possible, we have filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. You can find additional details regarding the announcement in the news release
we issued today.
As you may know, many U.S. companies have utilized Chapter 11 to implement financial restructurings. Chapter 11 of the U.S. Bankruptcy Code allows a company to continue operating its business and managing its assets as it typically does in the ordinary course of business. By reaching agreement with the majority of our key creditors in advance of making today’s filing, we anticipate that our Chapter 11 process will be concluded by the end of 2012 and that the company will emerge as a strong and healthy business partner for our valued vendors and suppliers.
We obtained $400 million in financing to ensure that we will have sufficient liquidity to pay our vendors and suppliers for business transacted during this process. A company representative will be in touch with you in the coming days to answer any questions you may have. In the meantime, for information on invoices accrued prior to today, please see the FAQ section on our web site at www.beechcraft.com/restructuring.
For other inquiries, please call (866) 879-7096 in the U.S or Canada and (503) 579-7681 for international callers and a representative will work to assist you.
With your support during the past three years, Hawker Beechcraft has made transformational improvements in all of our operational functions. Our financial restructuring represents the next step forward. Restructuring our balance sheet and recapitalizing the company in partnership with our debtholders will dramatically improve Hawker Beechcraft’s ability to compete in a rapidly changing environment.
As we progress through this process, we are committed to keeping you informed and providing you with appropriate updates. Thank you for your ongoing partnership with Hawker Beechcraft. We look forward to continuing our relationship with you.
|Steve Miller |
Hawker Beechcraft, Inc.
Hawker Beechcraft Corporation