Hawker Beechcraft Inc. won court approval on Friday of its plan to exit bankruptcy under the control of a group of hedge funds, a ruling that the company hopes will lead to it being out of chapter 11 by the end of February, Dow Jones Daily Bankruptcy Review reported yesterday. Bankruptcy Judge Stuart M. Bernstein signed off on the company's plan after the company changed the wording of the official plan document related to the worthless equity of operating subsidiary Hawker Beechcraft Corp. The proposal confirmed by the judge calls for hedge-fund managers Centerbridge Partners, Angelo, Gordon & Co., Capital Research & Management and Bain Capital's Sankaty Advisors to exchange $921.6 million in debt for an 81.1 percent equity stake in the reorganized Hawker. Senior bondholders, owed $510.2 million, would get between nine and 10 cents on the dollar, while subordinate debtholders, owed $308.3 million, would be wiped out.
