Hawker Beechcraft reports loss of $33.8 million, sales of $143.9 million in August
02/19/2013 6:03 AM
08/08/2014 10:12 AM
Financially troubled Hawker Beechcraft recorded a $33.8 million net loss in August and posted sales of $143.9 million, according to documents filed with the U.S. Bankruptcy Court this week.
In the meantime, the Wichita planemaker remains in negotiations with Superior Aircraft of Beijing, an official said. In July, the company reached agreement with Superior to acquire Hawker for $1.79 billion, subject to higher bids at an auction.
In late August, an attorney for Hawker said the company had hoped to file an agreement with Superior within a week.
That has not yet occurred.
The attorney had called the deal complex.
If an agreement is finalized, the sale would not include Hawker Beechcraft’s defense business.
Hawker Beechcraft filed for Chapter 11 bankruptcy protection on May 3.
According to the court filing on its August operating expenses, the company spent $1.5 million on restructuring costs, $5.4 million on reorganization items and $8.8 million on research and development.
So far in the bankruptcy, Hawker Beechcraft has paid $8.92 million to outside professionals assisting in the bankruptcy and incurred another $4.14 million for services that have not yet been paid for.
A hearing previously set for Thursday in the Southern District of New York has been postponed until next month after the court extended the time the company has to file a restructuring plan.
The hearing was to include the judge’s decision on the approval of Hawker Beechcraft’s sale of 400,000 square feet of land along Kellogg and along Webb Road to the city of Wichita for a Kellogg-widening project.
The company has told the court that the price was fair and that without a deal, the city could begin condemnation proceedings and take the land through eminent domain.