Hawker Beechcraft’s key creditors voted “overwhelmingly” on Friday to approve the Wichita-based aircraft manufacturer’s proposed joint plan of reorganization as part of its efforts to emerge from bankruptcy. JPMorgan Securities and Credit Suisse Securities will jointly structure, arrange and syndicate $600 million in exit financing for the post-bankruptcy standalone company, Beechcraft Corp.

The financing “will be used to repay all claims under the debtor-in-possession (DIP) post-petition credit facility, pay certain settlement and cure payments and fund ongoing operations.” The financing is subject to completion of definitive financing documentation and approval of the bankruptcy court.

Hawker Beechcraft will seek approval from the court to exit bankruptcy at a confirmation hearing on Thursday and anticipates it will emerge from Chapter 11 later next month. Upon emergence, pre-petition security bank debt, unsecured bond debt and certain general unsecured claims will be cancelled and holders of such claims will receive equity in the reorganized company in percentages negotiated by the major creditor groups when the company filed bankruptcy in May last year.

A new board of directors will be appointed by the new owners of the company and will take over on the official date of emergence. The new owners are understood to be Centerbridge Partners, Angelo Gordon & Company, Sankaty Advisors and Capital Research & Management.

Meanwhile, Hawker Beechcraft reported an operating loss of $540 million for the month of December, according to a document filed with the bankruptcy court yesterday.