Chinese firm, Superior Aviation Beijing Co., Ltd. to buy Hawker Beechcraft
Struggling aircraft maker Hawker Beechcraft announced Monday that it had reached a $1.79 billion "exclusivity agreement" with a Chinese aerospace manufacturer for the sale of its business jet and general aviation operations in a deal that will save thousands of jobs in Kansas and Arkansas.
Under the agreement Beijing-based aerospace manufacturer Superior Aviation Beijing Co., Ltd., will buy Hawker Beechcraft and make payments over the next six weeks to support ongoing operations until the deal is finalized.
Hawker Beechcraft, owned by Goldman Sachs Group Inc's private equity arm and Onex Corp , filed for Chapter 11 bankruptcy in May, unable to support a $2.5 billion debt load amid a weak business jet market.
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