WICHITA, Kansas (AP) -- U.S. plane maker Beechcraft Corp., formerly Hawker Beechcraft, has emerged from bankruptcy protection as a slimmed-down company.
The renamed company's formal announcement Tuesday comes just two weeks after its reorganization plan was approved by the U.S. Bankruptcy Court in the Southern District of New York. The plan became effective Friday.
It allows the company to exit bankruptcy with a reduced debt load better positioned to compete in special mission, trainer and light attack airplane markets while retaining its turboprop King Air line of planes. The company shed its unprofitable business jets.
CEO Bill Boisture says in a news release that today marks the rebirth of an 80-year-old American aircraft manufacturing business with a globally recognized brand. He says the company emerged from the process a stronger company.