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Question of the Day
The Wichita Eagle reported that the company disclosed in court documents that along with its investment banker, Hawker Beechcraft developed a list of potential buyers and investors in the months preceding its May 3 filing for Chapter 11.
The details are included in a preliminary reorganization plan and a related disclosure statement that Hawker Beechcraft filed over the weekend with the federal Bankruptcy Court in New York. The company says it began with an initial field of 35 potential buyers and received bids last month from eight.
The prearranged bankruptcy plan is aimed at reducing the company’s total funded debt of more than $2.5 billion.
Ski town votes to file for bankruptcy
LOS ANGELES — Council members in a small ski town high in California’s Sierra Nevada voted unanimously Monday to file for bankruptcy, the second local government in the state to recently make that decision.
Mammoth Lakes is facing a $43 million judgment that’s more than twice the town’s budget. Papers seeking Chapter 9 bankruptcy protection could be filed in court by the end of this week, said Marianna Marysheva-Martinez, the assistant town manager.
The city of more than 8,000 people about 300 miles north of Los Angeles has lacked sufficient revenue to pay $2.7 million in obligations, and a state court has ordered it to repay its largest creditor, Mammoth Lakes Land Acquisition.
The town lost a property development fight that left it with a $30 million legal judgment in 2008. Mammoth Lakes had tried to back out of a 1997 agreement that gave a developer the right to develop a hotel and buy land in return for improving the local airport.
• From wire dispatches and staff reports
By Andrew P. Napolitano
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Crystal Wright is a black conservative woman living in Washington, D.C.
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