Wichita-based airplane maker Hawker Beechcraft says it's closing facilities in three states and laying off more workers in Kansas.
The company said Wednesday that 240 employees will lose their jobs with the closing of Hawker Beechcraft Services facilities in Little Rock, Ark.; Mesa, Ariz.; and San Antonio, Texas. It also plans to cut a total of 170 jobs at its Wichita headquarters and at its completion center in Little Rock.
A US Trustee says attorney fees in Hawker Beechcraft's bankruptcy proceedings are excessive; Early voting has begun in Sedgwick County, but turnout for early voting is not expected to be as high as 2008.
The Justice Department’s bankruptcy watchdog agency opposes a move by Hawker Beechcraft to pay eight senior executives more than $5.3 million in bonuses.
In a court filing yesterday, U.S. Trustee Tracy Hope Davis argued that Hawker Beechcraft hasn’t shown that its proposed bonus plan isn’t a disguised retention plan. Bonus plans are allowed, but must do more than simply reward managers for staying during a bankruptcy reorganization. Hawker Beechcraft calls it an incentive award and says its plans are consistent with its commitment to strongly emerge from bankruptcy.
Aircraft maker Hawker Beechcraft announced Monday that it had reached a $1.79 billion “exclusivity agreement” with a Chinese aerospace manufacturer for the sale of its business jet and general aviation operations.
Under the agreement Beijing-based aerospace manufacturer Superior Aviation Beijing will buy Hawker Beechcraft and make payments over the next six weeks to support ongoing operations until the deal is finalized.
The sale does not include Hawker Beechcraft Defense Company, which will remain a separate entity.
Aircraft maker Hawker Beechcraft is narrowing in on potential buyers as part of its plan to emerge from bankruptcy reorganization.
The company disclosed in court documents that along with its investment banker, Hawker Beechcraft developed a list of potential buyers and investors over several months ahead of its May 3rd filing for Chapter 11.