Hawker Beechcraft closer to bankruptcy emergence

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Associated Press

Posted on January 25, 2013 at 2:01 PM

Updated Friday, Jan 25 at 3:01 PM

WICHITA, Kan. (AP) — Hawker Beechcraft says key creditors are overwhelmingly backing its proposed reorganization plan in a vote that moves the company closer to emerging from bankruptcy protection.

The company said Friday that it will seek court approval to exit bankruptcy at a hearing Thursday and expects to emerge from Chapter 11 in February.

It also said it has secured an underwriting commitment for $600 million in exit financing consisting of a term loan and revolving line of credit from JPMorgan Chase Bank and Credit Suisse AG.

Hawker Beechcraft Inc. CEO Robert "Steve" Miller said in a news release that the show of support from creditors will dramatically reduce the company's debt load, while the financing commitment marks an important milestone as the company emerges from restructuring.

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