A federal bankruptcy judge on Tuesday allowed Hawker Beechcraft to begin exclusive negotiations with a Chinese company interested in buying the Kansas plane maker, despite a union's claims such a sale would jeopardize national security.
The decision by the U.S. Bankruptcy Court for the Southern District of New York allows Hawker Beechcraft to enter into talks for the next 45 days with Superior Aviation Beijing Co. Ltd. As part of the exclusivity deal, Superior must make a $25 million payment before the end of the week and a second $25 million deposit within 30 days.
Hawker Beechcraft chief executive Robert Miller said in a statement that the agreement provides money to preserve jobs while the company simultaneously negotiates a potential sale to Superior and prepares to emerge from bankruptcy proceedings as a standalone entity if those talks fail.
