Hawker Beechcraft eyes bankruptcy end

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WICHITA, Kan., Jan. 28 (UPI) -- Aircraft manufacturer Hawker Beechcraft Inc. is closer to emerging from U.S. Chapter 11 bankruptcy as creditors approve its reorganization plan.

The creditors approving the Joint Plan of Reorganization are J.P. Morgan Securities LLC and Credit Suisse Securities, which agreed to act as joint lead arrangers and joint book runners to "structure, arrange and syndicate $600 million in exit financing, consisting of a term loan and a revolving line of credit," Hawker Beechcraft said.

JPMorgan Chase Bank N.A. and Credit Suisse AG, affiliated banks of the joint lead arrangers will underwrite the financing, which will be used to repay all claims under the debtor-in-possession post-petition credit facility, pay certain settlement and cure payments and fund ongoing operations.

The arrangement requires Bankruptcy Court approval.

"The tremendous show of support of our creditors for the Plan, which will dramatically reduce Hawker Beechcraft's debt load, and the financing commitment from JPMorgan and Credit Suisse mark an important milestone for the company as it moves closer to emerging from the restructuring process," said Robert S. "Steve" Miller, chief executive officer of Hawker Beechcraft.

The company said that it will seek court approval to exit bankruptcy Thursday.