Hawker Beechcraft moves closer to Chapter 11 emergence

Hawker Beechcraft released that the key creditors, voting in the company’s solicitation process, have overwhelmingly approved its proposed Joint Plan of Reorganization (Plan). The company also announced that J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC have agreed to act as joint lead arrangers and joint bookrunners to structure, arrange and syndicate $600m in exit financing, consisting of a term loan and a revolving line of credit. The affiliated banks of the joint lead arrangers, JPMorgan Chase Bank, N.A. and Credit Suisse AG, have committed to underwrite the financing.The financing will be used to repay all claims under the debtor-in-possession (DIP) post-petition credit facility, pay certain settlement and cure payments and fund ongoing operations. The financing is subject to, among other things, completion of definitive financing documentation and Bankruptcy Court approval.