Hawker Beechcraft Gets Court Approval for Sale Talks
Bankrupt aircraft maker Hawker Beechcraft Inc said that a bankruptcy court approved its plans to enter into exclusive talks with China's Superior Aviation Beijing Co. over a sale of the company for $1.79 billion, Reuters reported yesterday. Hawker Beechcraft, owned by Goldman Sachs and Onex Corp., said that the approval gives the company up to 45 days to negotiate the deal with Superior Aviation. Last week, Hawker Beechcraft said Superior Aviation would provide financial support to the company's jet operations over the next six weeks. Superior will pay $25 million before the end of the week, apart from paying a similar amount within the next 30 days, Hawker Beechcraft said. Superior Aviation said that it would work to keep jobs in the United States by expanding production in locations across America, including Kansas, Arkansas and Texas.