It has been a long and sometimes rough road since the company was founded, a path marked most recently by a Chapter 11 bankruptcy filing by Hawker Beechcraft in May 2012. Now, after nearly 10 months and confirmation of its joint plan of reorganization by the bankruptcy court on February 1, the aircraft manufacturer has exited bankruptcy.

“We are now prepared to go forward as the new Beechcraft Corporation, focused on our light pistons, civil and military turboprops and our global customer service,” said Bill Boisture, who came to the company as chairman and CEO in 2009 and remains as CEO of the new Beechcraft.

“The board will have the interest of the major shareholders as its responsibility,” added Boisture. At the same time, the company’s Global Customer Support system and Hawker Beechcraft Services will continue backing all Hawker and Beechcraft products (with the exception of warranty support on the carbon-fiber jets).

Elaborating on Beechcraft’s solvency as it emerges from bankruptcy, Boisture said the $2.2 billion coming in has been converted to equity and is in the hands of the secured lenders. The fully committed $600 million in exit financing is a combination, he explained, of term debt and revolving credit. The term debt will be drawn down to pay court-approved claims and what remains will go toward operating capital. The revolving credit, he added, will be undrawn.

Beechcraft has shut down jet production, the 20 remaining new and in-production Hawker 4000s have been sold and the only remaining inventory of Hawker business jets is a handful of used Hawker 4000s that will also be sold, Boisture said. The disposition of those used aircraft is part of a plan to sell all Hawker assets, “including type and production certificates, intellectual property, tooling, work in progress and any Hawker-related spares.”

READ MORE: AINOnline