In re Hawker Beechcraft, Inc.
United States Bankruptcy Court for the Southern District of New York
479 B.R. 308 (2012)
Hawker Beechcraft, Inc. (Hawker) (debtor) was an airplane manufacturer. Hawker experienced financial difficulties and filed for reorganization under chapter 11 of the bankruptcy code. Hawker separately pursued both a debt-restructuring plan and a third-party sale as alternative options for its reorganization. Hawker developed and sought approval from the court for a key employee incentive plan (the KEIP) and a non-insider key employee retention plan (the KERP). Under the KEIP, Hawker’s senior leadership team would receive a bonus of up to 200 percent of their salaries if either the restructuring plan or the sale were completed, with the percentages awarded depending on the timing or price of whichever transaction occurred. The bankruptcy court approved the KERP from the bench but reserved judgment on the KEIP.
Rule of Law
Holding and Reasoning (Bernstein, J.)
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