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Bankruptcy Protection Latest Move for Wichita's Hawker Beechcraft



WICHITA, Kan. (AP) — Aircraft maker Hawker Beechcraft has filed for bankruptcy protection as it works to restructure its massive debt amid sluggish demand for the military planes and business jets it makes. The Wichita-based manufacturer said in a statement Thursday that it filed for Chapter 11 bankruptcy protection in New York. Hawker Beechcraft says it entered agreements with a majority of its senior secured lenders and bondholders to eliminate $2.5 billion in debt and $125 million of annual cash interest expenses. It says it obtained a commitment for $400 million in financing to enable it to continue paying employees, vendors and others. The company says it filed for bankruptcy to implement the terms of its prearranged restructuring. Hawker Beechcraft listed a total debt of more than $2.3 billion at the end of 2011.

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