WICHITA, Kan.— Economic turbulence has shrunk the market for business jets and is causing an especially bumpy ride for Hawker Beechcraft.
The Wichita, Kan.-based aircraft maker filed for bankruptcy protection this week, seeking approval for a plan that would write an estimated $2.5 billion in debt off its books.
It’s the latest piece of bad news for Wichita’s economy, which has been an aviation hotspot since the 1920s. But it carries a special significance for Hawker Beechcraft, which has not only suffered as the aviation market soured but has done so with a large amount of debt.
Sales of small and midsize business jets have fallen by more than 50 per cent in recent years.