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Recently in Hawker Beechcraft Category

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A Beechcraft Baron sits on the static display outside the PalExpo convention center in Geneva./Billypix

GENEVA, Switzerland -- Hawker Beechcraft has clarified that GS Capital Partners, a Goldman Sachs company, and Toronto-based Onex Capital Partners are selling their equity ownership stakes as part of a restructuring under Chapter 11.

That means Hawker Beechcraft's employees face their third ownership change in less than six years when the heavily leveraged airframer emerges from bankruptcy protection in several months.

But the new owners are not yet identified. Shawn Vick, Hawker Beechcraft executive vice president, says the new owners are the several undisclosed creditors holding $2.5 billion in the company's debt. As part of Hawker Beechcraft's "massive deleveraging" manoeuvre, as Vick describes, the creditors will exchange their debt for equity, and assume control of the company. Vick says no suppliers are part of the new ownership team, but instead a mix of financial institutions.

The news that Goldman Sachs and Onex are exiting Hawker Beechcraft after a five-year tenure as joint owners over-shadowed all other news on the eve of EBACE, including the arrival of one of the first -- and still uncertificated -- green Gulfstream G650s. 

Hawker Beechcraft was known for almost three decades as Raytheon Aircraft Company. But Raytheon disposed of the struggling unit on 26 March 2007, which was then renamed Hawker Beechcraft Inc. under Goldman Sachs and Onex ownership. 

Only 18 months later, the business jet market collapsed during the global economic recession that began late in the third quarter of 2008. While sales of large cabin jets have mostly recovered, the mid-size and light categories that are Hawker Beechcraft's strengths are still slumping nearly four years later. 
Hawker-450XP-aerial.jpgHawker Beechcraft has canceled the Hawker 450XP program, sources close to the program tell FlightBlogger.

Poor economic conditions appear to be at the root of the cancellation.

"The [Hawker 400XP/450XP] line rates are taking a huge beating due to deferrals and cancellations," said one source who spoke on the condition of anonymity.

"As far as I know, there is no change in the program," said Andrew Broom, spokesman for Hawker Beechcraft.

Hawker-450XP-panel.jpg The Hawker 450XP light jet was officially launched at the National Business Aviation Association convention in October 2008. First delivery of the aircraft was expected in the first quarter of 2010.

The cancellation, if officially confirmed, will be the second of its kind for the 450XP, which saw a previous all-composite iteration shelved in 2002.

The aircraft is an upgraded version of the venerable Hawker 400XP with new Pratt & Whitney Canada PW535D engines and Rockwell Collins Pro Line 21 avionics for improved performance.

The Wichita, Kansas based company has recently announced eliminating 2,300 jobs over the next year, and has warned more layoffs may occur in 2009.
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Hawker Beechcraft unveils its new Hawker 450XP with Pratt & Whitney PW535D engines and Rockwell Collins Proline 21 avionics.

Images Courtesy Hawker Beechcraft
NBAA_header.jpg Hawker Beechcraft is holding a press conference for a new product announcement at 1:00 PM ET. It is expected that Hawker will unveil the new 450XP that was first reported here at FlightBlogger last week.

The material below comes from the website http://www.twitter.com/flightblogger
Transcript after the jump.
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CORRECTION: The Hawker 450 will be made from traditional materials, not composite. In addition, the Hawker 400XP will serve as platform for the new engines and avionics. All other details remain the same. FlightBlogger apologizes for any confusion.
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Hawker Beechcraft appears poised to relaunch its Hawker 450, as new details emerge about the composite mid-size light business jet.

Few details are known about the aircraft, but a Hawker Beechcraft source tells FlightBlogger that the Hawker 450 is to be powered by twin Pratt & Whitney Canada PW500 engines and sport a Rockwell Collins Proline 21 avionics suite.

The aircraft is to be based on the Hakwer 400XP platform, which seats two pilots and nine passengers.

Hawker Beechcraft declined to comment on this story.

The aircraft is also expected to be the launch customer for the PW535D engine variant.

For the interior, the Hawker 450 will utilize parts of the Venue cabin management system from Rockwell Collins, which was unveiled at the NBAA convention in 2007.

The performance specifications of the aircraft are currently unknown, though the original design called for a five-passenger 2,000 nm range, 4,700 foot takeoff field length and 472 knot cruising speed.

The original design also was powered by both Honeywell engines and avionics. Honeywell was initially a risk sharing partner on the program.

The formal announcement  launching the Hawker 450 is likely to come at next month's National Business Aircraft Association convention.

The delivery of the first aircraft is targeted for the first quarter of 2010.

The Hawker 450 was originally unveiled in 2000 at the National Business Aircraft Association convention, but was later shelved in 2002 in favor of upgrades to its existing product line, rather than opt for an all-new design in light of slowing demand.

Hawker, which at the time was owned by Raytheon, focused its attention on completing its Premier I and Horizon aircraft, later renamed the Hawker 4000, which was certified and delivered earlier this year.

The relaunched Hawker 450 will be the third composite fuselage business jet after Hawker 4000 and the Bombardier Learjet 85XR.

Photo credit: Flight International Archive

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