Judge OKs Hawker Beechcraft reorganization plan

(AP) A federal bankruptcy judge has approved Hawker Beechcraft's reorganization plan, clearing the way for the aircraft-maker to exit bankruptcy later this month.

Judge Stuart Bernstein ruled Friday that the company proposed the plan in good faith to maximize the value. The judge also said the plan was in the best interest of creditors and called the exit financing fair and reasonable.

Hawker Beechcraft CEO Steve Miller says in a news release that the ruling marks a final significant step in the restructuring. He says the company's goal through the process has been to emerge in a strong operational and financial position, better able to compete into the future.

The renamed Beechcraft Corp. will focus on turboprop, piston, and military aircraft, as well as its parts and maintenance business.