Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11

hibu Chapter 15 Petition Filed

hibu filed for Chapter 15 protection with the U.S. Bankruptcy Court in the Eastern District of New York, case number 14-70323. The Company, which operates as a marketing company that provides tools and services to businesses, is represented by James H.M. Sprayregen of Kirkland & Ellis. Discussing this financial restructuring in November 2013, chairman Bob Wigley, commented, “With today's announcement, we move one step closer to securing a capital structure for hibu which would enable the business to survive and prosper and to safeguard the prospects for our 12,000 employees. Our business will continue to operate as usual and will not be affected by the administration of the holding company, a planned step in the restructuring process. Our enhanced digital product offering is growing fast and increasingly finding new customers following our recent marketing campaign.” Also in November 2013, “[a]s a first step to facilitating this transfer and the financial restructuring as a whole, the Board of hibu plc…appointed certain partners of Deloitte LLP to act as administrators to hibu plc only.” hibu Inc., which operates as a subsidiary of Hibu Plc, indicated total pre-petition assets greater than one billion.

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