"We made the decision to proceed with the standalone Plan of Reorganization after determining that, despite our best efforts, the proposed transaction with Superior (Aviation Beijing Co. Ltd) could not be completed on terms acceptable to the company," Hawker Beechcraft Chief Executive Officer Robert S. "Steve" Miller said. "We are disappointed that the transaction did not come to fruition, but we protected ourselves by obtaining a $50 million deposit from Superior that is now fully non-refundable and property of the company.
"The go-forward business plan we have developed with our creditors ensures that we will emerge from this process in a strong operational and financial position, with an enhanced ability to compete well into the future."
Hawker Beechcraft Inc. said that after emerging from Chapter 11 bankruptcy is will rename itself Beechcraft Corp. and focus on its turboprop, piston, special mission and trainer/attack aircraft and high-margin parts.
An amended reorganization plan will soon be filed with the U.S. Bankruptcy Court, the company said.
Notable deaths of 2014 [PHOTOS]