Steve Miller, Hawker Beechcraft CEO, on late annual report filing

Commenting on Hawker Beechcraft’s late filing, Steve Miller, Hawker Beechcraft’s CEO said in a statement:

“The majority of the issues disclosed in this filing reflected the company’s financial position as of Dec. 31, 2011. In the months since then, we have moved aggressively to address many of these matters, most recently with our announcement last week that we have obtained additional liquidity from certain lenders to provide us with the time and flexibility to restructure the company’s balance sheet and better position Hawker Beechcraft for the long term. As part of that forbearance agreement, our lenders also granted the company relief from certain existing loan covenants. We continue to work closely with our lenders toward a comprehensive recapitalization that will resolve these issues and better position the company for the future.

Let me be clear, these matters all revolve around changes we are working on to restructure the debt taken on in 2007 when the company was acquired. What has not changed – and what will not change in any scenario – is Hawker Beechcraft’s commitment and ability to build, sell and service the best airplanes for our civilian and military customers.”