Reuters: Bankruptcy News: UPDATE 2-Hawker Beechcraft gets court approval for sale talks

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UPDATE 2-Hawker Beechcraft gets court approval for sale talks Jul 17th 2012, 20:51 Tue Jul 17, 2012 4:51pm EDT July 17 (Reuters) - Bankrupt aircraft maker Hawker Beechcraft Inc said a U.S. bankruptcy court approved its plans to enter into exclusive talks with China's Superior Aviation Beijing Co over a sale of the company for $1.79 billion. Hawker Beechcraft, owned by Goldman Sachs and Onex Corp, said the approval gives the company up to 45 days to negotiate the deal with Superior Aviation. Last week, Hawker Beechcraft said Superior Aviation would provide financial support to the company's jet operations over the next six weeks. Superior will pay $25 million before the end of the week, apart from paying a similar amount within the next 30 days, Hawker Beechcraft said in a statement. In a separate statement, Superior Aviation said it would work to keep jobs in the United States by expanding production in locations across America, including Kansas, Arkansas and Texas.

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