Hawker Pacific has expressed its support for Hawker Beechcraft (HBC) after the US business aircraft manufacturer reached an agreement with creditors on the terms of its financial restructuring.
"While Hawker Pacific is a separate company, completely independent of HBC and is not affected by these events, we are committed to providing a high level of support to all operators of HBC aircraft based in the region," says its senior vice-president for aircraft sales and flight services group, Tony Jones.
HBC filed for bankruptcy protection in early May with $2.5 billion in debt and $125 million in annual cash interest expenses, before reaching an agreement with a majority of its creditors exchanging its debt load for ownership in the company.
As part of the financial restructuring, its creditors will eliminate over $2 billion worth of its debt off its balance sheet, and provide $400 million in debtor in possession (DIP) financing.
It has also handed over two Hawker 4000 business jets to two European operators at the European Business Aviation Conference & Exhibition (EBACE) in Geneva.