Hawker Beechcraft in talks with six potential buyers

London
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Hawker Beechcraft has filed a revised reorganisation plan that explores the sale of some or all of its business assets as it attempts to emerge from Chapter 11 bankruptcy protection by the end of the year.

The airframer says it is evaluating "all strategic options available" under the restructuring plan issued on 30 June, including "continuing to operate as a standalone entity and evaluating a potential sale of the company".

The documents reveal that Hawker Beechcraft initially identified 35 potential buyers "ranging from strategic purchasers to potential private equity partners".

Nine interested parties were later invited to conduct due diligence, of which six had been asked to provide revised bids by 22 June. Hawker Beechcraft says it is "evaluating various submissions, and has not made any definite decisions yet regarding whether to pursue a third-party sale transaction".

The plan also gives secured lenders at least 81% of the company's equity, but its owners, Goldman Sachs' private equity arm and Onex, stand to lose their entire stakes, according to the filing. Hawker Beechcraft says its plan "is fair and equitable".

Hawker Beechcraft was acquired by Goldman Sachs and Onex in 2007 for $3.3 billion. In May the airframer filed for Chapter 11 bankruptcy protection due to dwindling business aircraft sales, a poor market outlook and shrinking liquidity.

The company is aiming to confirm the reorganisation plan by 15 November.