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

HEI Plan Confirmed

The U.S. Bankruptcy Court confirmed HEI's Chapter 11 Plan of Liquidation. According to documents filed with the Court, "The Plan creates a Liquidating Fund and assigns a Liquidating Agent to undertake the continuing post-confirmation sale of all of the Debtor's remaining assets (including the Victoria Property), the resolution of claims, the pursuit of any Avoidance Claims and Causes of Action, the distribution of proceeds to the holders of Allowed claims, and such other actions as are necessary to wind down the Debtor's business. Allowed claims will be paid from cash on hand the proceeds of sales, and any net recoveries from Avoidance Claims and other Causes of Action. The Debtor proposes the Plan to facilitate the most efficient and timely liquidation of remaining assets as well as the fastest distribution of proceeds to creditors. The Debtor believes that the proposed Liquidating Agent has the familiarity with the Debtor's assets and the liquidation expertise needed to realize the maximum value for the remaining assets in a reasonable period of time. Furthermore, the Plan provides a mechanism for interim distributions to holders of Allowed claims that will allow them to receivedistributions as soon as practicable." This electronic manufacturing service provider filed for Chapter 11 protection on January 4, 2015, listing $15 million in pre-petition assets.

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