By Jeremy Herb - 05/04/12 05:48 PM EDT
The company received a $400 million commitment to keep its operations going and continue paying employees, suppliers and vendors.
The bankruptcy is another blow to Wichita’s aerospace industry; Boeing decided to shutter its plant there in January.
Hawker Beechcraft makes both military and commercial planes. The company has been locked in a battle with Brazilian aerospace firm Embraer and Sierra Nevada Corp. over a $355 million Light Air Support Air Force contract. The contract was awarded to Embraer and Sierra Nevada Corp. last year, before the Air Force canceled the contract and restarted the competition this year when Hawker Beechcraft sued.