WICHITA, Kan. (AP) _ Hawker Beechcraft says it will no longer pursue the sale of its operations to Chinese-based Superior Aviation Beijing Co.
Hawker plans to emerge from bankruptcy as a stand-alone company.
The Wichita plane-maker announced Thursday that the company protected itself during the exclusive talks by obtaining a $50 million non-refundable deposit that is now the property of the company.
CEO Robert Miller says in a news release that the proposed transaction could not be completed on acceptable terms.
He says upon emergence from bankruptcy the company intends to rename itself Beechcraft Corp. and focus on turboprop, piston and military aircraft. It says it is evaluating selling or closing its entire business jet operations.
The company intends to schedule a Nov. 15 hearing on an amended reorganization plan.