Court allows Hawker Beechcraft to negotiate with Chinese company

By Marc LaVoie

CREATED Jul. 17, 2012

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WICHITA, Kan. (AP) Hawker Beechcraft says the bankruptcy court has approved its request to enter into exclusive negotiations with a Chinese company interested in acquiring the Kansas plane maker. The decision handed down Tuesday allows Hawker Beechcraft to enter into talks for the next 45 days with Superior Aviation Beijing Co. Ltd., despite the objection filed by the machinists union. Hawker Beechcraft says as part of the exclusivity deal, Superior must make a $25 million payment before the end of the week and a second $25 million deposit within 30 days. Hawker Beechcraft CEO Robert Miller says the agreement provides funding to preserve jobs while they simultaneously negotiate a potential sale to Superior and prepare to emerge as a standalone entity if those talks fail.