“Despite our best efforts, the proposed transaction with Superior could not be completed on terms acceptable to the company,” Miller says.

In a further acknowledgment of the likely divestiture of the Hawker line, Bill Boisture, chairman of Hawker Beechcraft Corp., said, “Beechcraft Corporation will emerge as the world’s leading designer and manufacturer of turboprop, piston and trainer/attack aircraft with the largest global customer support network in the industry. Our business strategy will focus on growing our key existing product lines.”

Hawker Beechcraft’s key creditors earlier agreed to the primary terms of the plan of reorganization, which will give them an equity stake in the reorganized company. Under the plan, Hawker Beechcraft would repay a post-petition $400 million in debtor-in-possession credit facility and would enter a new finance package once it emerges from bankruptcy, expected in the first quarter 2013.