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The deal where a company in China planned to buy the Hawker Beechcraft plant in Wichita is off. In a news release from the local plant, Hawker Beechcraft announced it plans to emerge from Chapter 11 bankruptcy as a standalone company and it is no longer pursuing a transaction with Superior Aviation of Beijing. The news release says the parties could not reach agreement on the terms of a plan sponsorship agreement.
After the bankruptcy process is over, the company plans to rename itself the Beechcraft Corporation and focus on turboprop, piston, special mission and trainer/attack aircraft....the company's most profitable products.
The CEO of Hawker Beechcraft Steve Miller is quoted saying, "We are disappointed that the transaction did not come to fruition, but we protected ourselves by obtaining a $50 million deposit from Superior that is now fully non-refundable and property of the company."
The company also says it's evaluating its product lines "which could include a sale of some or all of its product lines, or a closure of the entire jet business if no satisfactory bids are received."