Photo: Hawker Beechcraft
Hawker Beechcraft Corporation has advised the Securities and Exchange Commission that it expects to chalk up nearly $482-million in losses for 2011 when it finally files its Form 10K annual report by mid-April, according to Associated Press. Moreover, HBC said that its outside accounting firm is going on record expressing its doubt about the Wichita OEM's ability to remain a "going concern."
Steve Miller, HBC CEO, says that the firm is working toward restructuring the $1.1-billion in debt it took on in 2007 to capitalize the venture when it acquired the business aircraft operations of Raytheon Aircraft. But, McGraw-Hill's Standard and Poors lowered HBC's credit rating on Monday in light of the firm's failure to make an April 2, 2012 interest payment on those notes.
Miller says the company is committed to continuing its sales, manufacturing and service operations. Industry observers are wondering how he's going to sustain operations past mid year. A full report is available at our Aviation Week Intelligence Network website, authored by Kerry Lynch of the Weekly of Business Aviation.