Hawker Beechcraft files 15-D to de-register bonds with SEC
Hawker Beechcraft has filed a 15-D form with the SEC. Its bonds will no longer be registered by the regulator, and the company will need to follow SEC information.
De-registration means that the company no longer needs to regularly file accounting information to meet SEC requirements. It is commonly seen in Chapter 11 reorganisations - particularly when securities are cancelled on acquired by a few participants.
Hawker Beechcraft has filed a 15-D form with the SEC which
means its bonds will no longer be registered by the regulator.
De-registration means the company does not need to regularly disclose accounting information to the SEC saving the company significant amounts of time and money.
It
is commonly seen in Chapter 11 reorganizations – particularly when securities
are cancelled on acquired by a few participants.
Companies can ask the SEC to withdraw filings for securities
held by (a) fewer than 300 persons or (b) fewer than 500 persons when the total
assets of the debtor have not exceeded $10 million on the last day of each of
the debtor’s three most recent fiscal years.
Hawker Beechcraft filed its 10K Annual Filing a few weeks
ago. The SEC only allows companies that are up-to-date with filings to
de-register.
It has applied to de-register: the 8.5% Senior Fixed Rate Notes due 2015; the
8.875%/9.625% Senior PIK-Election Notes due 2015; and the 9.75% Senior
Subordinated Notes due 2017.
