WICHITA, Kan., Feb. 4 (UPI) -- Hawker Beechcraft's Chapter 11 Joint Plan of Reorganization has been approved by a U.S. Bankruptcy Court.
Approval of the plan late last week by U.S. Bankruptcy Court for the Southern District of New York opens the door to the aircraft manufacturer emerging from bankruptcy this month, the company said.
"Today's ruling marks the final significant step in the restructuring process," said Robert S. Miller, chief executive officer of Hawker Beechcraft Inc. "Throughout this process, we have been guided by the goal of emerging in a strong operational and financial position, with an enhanced ability to compete well into the future.
"Our recapitalization and dramatically reduced debt load will allow us to do exactly that."
Hawker Beechcraft said it is changing the company's name to Beechcraft Corp. as part of its reorganization plan and will focus its business on its turboprop, piston and special mission and trainer/attack aircraft.
"Thanks to the hard work of our employees and the strong support we have received from our key creditors, union partners, elected officials, suppliers and customers, Beechcraft Corp. will emerge from this process as the world's leading designer and manufacturer of turboprop, piston and trainer/attack aircraft with the largest global customer support network in the industry," said Bill Boisture, chairman of Hawker Beechcraft Corp.