Mumbai: Plane maker Hawker Beechcraft Corporation (HBC) has said its debt crisis would not impact its business in India. The US-based HBC manufactures King Air turboprop planes and Hawker jets. It has a 58 per cent share of business aircraft registered in India.
According to recent media reports from the US, the company had hired law firms specialising in bankruptcy and restructuring, as slower growth impacts earnings.
Shawn W Vick, CEO of Hawker Beechcraft Inter-national Service Company, ruled out any fallout on customers. "There will be no impact in India. There will be no impact to our customers,'' he stated.
He confirmed the company had hired two law firms to advise on financial restructuring and refused to comment on filing for bankruptcy. Vick said the company was concluding fresh debt terms with its lenders and an announcement was expected this week. The company has total debt of $2 billion. Hawker is owned by investment firms Goldman Sachs and Onex.
There are 150-160 Hawker Beechcraft planes in India, 28 being jet aircraft, and turboprop King Airs making the rest. The plane maker competes with Pilatus in the turboprop market and with Bombardier and Cessna in the mid-size jet market in India.
24/03/12 Aneesh Phadnis/Business Standard
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