New York, July 10 (FinanceEnquiry.com) – Hawker Beechcraft, the aerospace manufacturing company that builds the Beechcraft and Hawker business jet lines of aircraft is in talks with Superior Aviation Beijing Co over its sale for $1.79 billion.
If finalized, the offer by the Chinese company for the US business jet maker will subject to an auction process and face legal and regulatory reviews in both the United States and China. The Chinese maker of plane engines and parts has offered to fund Hawker Beechcraft’s jet operations over the next six weeks.
The deal with Superior would also call for approvals from the Chinese government, the US bankruptcy court and the Committee on Foreign Investment in the United States, known as CFIUS.
Industry bankers said that other bidders for Hawker Beechcraft could be Brazil’s Embraer or Textron.
Hawker Beechcraft informed yesterday that Superior has approached them several years ago for a potential strategic partnership as it was interested in the commercial aircraft business of Hawker Beechcraft.
Hawker Beechcraft, owned by Goldman Sachs Group Inc’s private equity arm and Onex Corp had failed to clear a debt load of $2.5 billion as a result of weakening jet markets and thus it filed for Chapter 11 bankruptcy in May.
Hawker, whose exclusivity period with Superior runs for 45 days informed that the defense business which manufactures military training, surveillance and light-attack aircraft would remain a separate entity.
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