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A federal bankruptcy judge has approved a reorganization plan for Hawker Beechcraft, allowing the company to come out of Chapter 11 bankruptcy later this month.
Judge Stuart Bernstein of the U.S. Bankruptcy Court for the Southern District of New York said the plan satisfied all of the requirements of the federal bankruptcy code.
In a press release, Hawker CEO Robert Miller said the ruling is the final significant step in the restructuring process. He said the process will allow the company to put itself in a strong operational and financial position, with an "enhanced ability to compete well into the future."
Hawker Chairman Bill Boisture gave credit to the hard work of employees and support from key creditors, union partners, elected officials, suppliers and customers.
As part of the reorganization, the company will rename itself as Beechcraft Corporation. Its business plan will focus on turboprop, piston, special mission and trainer/attack aircraft, as well as its parts, maintenance, repairs and refurbishment businesses.