WICHITA, Kan. (AP) - Hawker Beechcraft says it has reached a $1.79 billion agreement with a Chinese firm for the sale of the struggling Wichita-based business jet maker.
The deal does not include Hawker Beechcraft Defense Co., which would remain a separate entity.
Hawker Beechcraft said in a news release Monday that under terms of the agreement Beijing-based aerospace manufacturer Superior Aviation Beijing Co., Ltd., will make payments over the next six weeks to support ongoing operations at Hawker Beechcraft.
The company says Superior will keep Hawker Beechcraft's existing operations, saving thousands of jobs in Wichita and Little Rock, Ark.
Its exclusivity agreement gives them 45 days to negotiate a definitive agreement.
If the deal collapses, Hawker Beechcraft said it would proceed with its bankruptcy reorganization plan that contemplates emerging as a stand-alone entity.
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