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Old 28th Mar 2012, 19:59   #1 (permalink)
 
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Hawker Beechcraft prepares to file for bankruptcy protection.

Wow,that slipped in under the radar


Exclusive: Hawker Beechcraft readies bankruptcy filing: sources | Reuters
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Old 29th Mar 2012, 11:27   #2 (permalink)
 
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From the article:

Quote:
Several private equity firms at the time paid aggressive prices for companies, loading them up with huge piles of debt and hoping that economic growth would continue to sustain the investments.
One wonders how long we allow 'them' to do this kind of .

In the meantime we bail them out (time & again)

Would be sad if Beech would close...
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Old 29th Mar 2012, 11:50   #3 (permalink)
 
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Apparantly now averted with banking covenants relaxed and $140m of 'liquidity' being provided while aggressive restructuring takes place.
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Old 8th May 2012, 05:40   #4 (permalink)


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chap 11 filed

http://m.kansas.com/wichita/db_106588/contentdetail.htm?contentguid=nXEVa0dX
Sad news lets hope the find a buyer soon.
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Old 8th May 2012, 06:36   #5 (permalink)
 
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Yet another example of the power of blind greed, a force stronger than work ethic, stronger than quality, stronger than conscience. Eventually, a non-existent pilot (shortage, doncha-know) will not be flying a non-existent aircraft (bankruptcy, doncha-know) and only lawyers will have a job.

Check out the documentary "Inside Job" about how a handful of individuals driven only by blind greed ruined everything.
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Old 8th May 2012, 06:44   #6 (permalink)
 
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WICHITA, Kan. (May 4, 2012) – Hawker Beechcraft, Inc. today announced that the U.S. Bankruptcy Court for the Southern District of New York has granted approval of the company’s “First Day Motions” as part of the company’s voluntary filing for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Approval of these motions will enable Hawker Beechcraft to continue to operate in the ordinary course of business during the reorganization process.
Among the first-day motions granted today, Hawker Beechcraft received approval to continue to pay employees, and to pay all vendors and suppliers in the ordinary course for goods and services delivered after the commencement of the Chapter 11 case. The company will utilize a commitment for $400 million in Debtor-in-Possession (DIP) financing, negotiated as part of the prearranged restructuring, to meet these obligations.


Hawker Beechcraft Receives Court Approval of First-Day Motions | Newsroom
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Old 8th May 2012, 07:24   #7 (permalink)
 
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Hawker had a difficult time making their own aircraft. Beechcraft had a long line of successful aircraft but the Premier and 4000 were plagued from the get go. Actually wonderful aircraft to fly, when everything is ok. The Beechjet and Hawker HS series were both bought and brought on as mature platforms.
I hope the 4000 doesn't go by the wayside like the Starship did..

Good luck guys
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Old 8th May 2012, 13:04   #8 (permalink)
 
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I think you will find that this was more about renegotiating with the bank than anything else,

Nothing says "renegotiate" louder than the willingness to go into chapter 11!
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Old 9th May 2012, 06:30   #9 (permalink)

 
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Not surprised. The Premier 1, as was told by a salesman at the demo, meant to compete with the CJs.....I found out had no range, and couldn't carry any weight.

You would think some one would have figured that out, BEFORE they built the plane, especially knowing the SJ30 was out there at the time, coming on down the road and what it could offer.

I don't have any Hawker time, but the cockpit didn't seem ergonomic. The Beechjets didn't have serious range for the pilots that wouldn't take it up high.

Bonanzas for $450k? Sure...that's a recipe for success.
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Old 9th May 2012, 19:51   #10 (permalink)
 
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There are rumours of six and bit million dollar KA200s being flogged for four and bit million dollars fresh off the factory floor - and those are the aircraft that are still selling!

Be brave and dump the Premier model (or stretch it, bolt on new engines and for goodness sake give it some brakes, big fat ones that might allow it to be chartered into runways less than 5,500 ft!). Or sell the design rights to the Japanese (Fuji Heavy Industries), likewise the Hawker 4000. They're into their big scale composite stuff. It could be the Far East's equivalent of the Embrear brand along with HondaJet (if that ever gets into serious production numbers!?)

Dump the pistons - long past their day now and staggeringly expensive.

Flog the Hawker/HS125 production/line to Airbus/BAe Systems and let the boys at Chester/Hawarden/Broughton start bolting them together again - they still make it all in component/kit form anyway. Welsh Development Agency (or current equivalent?) would hand them out another few million to build a nice shiny shed to put that in - if there's any space left there?

Focus on King Airs still and special role aircraft platforms.
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Old 9th May 2012, 20:17   #11 (permalink)
 
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Quote:
You would think some one would have figured that out, BEFORE they built the plane, especially knowing the SJ30 was out there at the time, coming on down the road and what it could offer.
The numbers they told us in 1995 (!) when my old boss ordered one on the NBAA looked just sweet. In 2001, when the plastic rocket still wasn´t delivered (planned for 1998) we cancelled the contract and went for a CJ2. The boss had a 4000 (or then Horizon) on order and a 850 bought as interim with a guaranteed buyback when the 4000 would be delivered. Then that date slipped time and again and Hawker backed out of the contract.

This guy has owned several KingAirs (200s and 350s), a BJ400A, a Hawker 850 and ordered both the Premier and the 4000 .... he told me he will never ever buy a Hawker product again. He now owns a CL300.

They are the authors of "how not to treat your customers".

Which is a shame, cause I love the KingAir and still think its one of the best airplane around...
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Old 9th May 2012, 20:29   #12 (permalink)

 
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Well another problem is the brilliant thinking at the top of the companies that killed the Conquest 1 and 2, thus to push the gas guzzling jets...everyone wants a jet, now they can't afford the fuel..surprise surprise...they kept allot of million dollar buyers out of the market. Imagine if they had 4000 Cessna Turboprops out there, affordable to still fly instead of parked jets.

Then we could talk about the Starship...a perfectly good aircraft, way ahead of it's time...The SJ30, an excellent aircraft but incompetent management..goes on and on...

So imagine you can afford a single engine A35 for $450k...why would you buy it...why not get a used Cessna Twin, old Turbo 210, why not just step up 300 grand and get a turbo prop?

It's the perfect example of decent products but the guys at the top having no clue as to what they are doing.

Maybe China will start buying planes...this economy is broken..maybe there is a market over there.
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