Lenfest said Sunday that the deal to buy out the company will be delayed but will proceed.
Three previous owners of the company, including Norcross, said in a joint statement that they were deeply saddened to hear of Katz's death.
"Lew's long-standing commitment to the community and record of strong philanthropy across the region, particularly Camden where he was born and raised, will ensure that his legacy will live on," they said.
When the crash occurred, nearby residents saw a fireball and felt the blast shake their homes.
Jeff Patterson told The Boston Globe he saw a fireball about 60 feet high and suspected the worst.
"I heard a big boom, and I thought at the time that someone was trying to break into my house because it shook it," said Patterson's son, 14-year-old Jared Patterson. "I thought someone was like banging on the door trying to get in."
The air field, which serves the public, was closed after the crash. Responders were still on the scene Sunday morning.
Hanscom Field is about 20 miles northwest of Boston. The regional airport serves mostly corporate aviation, private pilots and commuter air services.
Associated Press writer Rodrique Ngowi in Bedford, Massachusetts, contributed to this report.