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

HII Technologies Plan Effective

HII Technologies' Third Amended Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The Court confirmed the Plan on April 15, 2016. According to documents filed with the Court, "On the Effective Date, Reorganized HIIT shall (i) issue to the Litigation Trustee warrants for 50,000 shares equal to a non-dilutable 5% of New HIIT Common Stock, which shares shall be distributable to the holders of Allowed Claims in Class 4 in accordance with the terms of Section 4.5 of the Plan; and (ii) issue 950,000 shares of convertible participating and voting preferred stock with a dividend that will be specified in reliance upon section 1145(a) of the Bankruptcy Code, the offer and/or issuance of the New HIIT Common Stock and New HIIT Preferred Convertible Stock by Reorganized HIIT is exempt from registration under the Securities Act of 1933, as amended (the 'Securities Act'), and any equivalent securities law provisions under state law....Upon entry of this order of the SEC, HII Technologies will have no further obligation to file reports with the SEC, including past due reports and there will be no further trading in the common stock of HII Technologies....On the Effective Date, each respective Equity Interest of HII Technologies in Debtors Apache Energy Services, Aqua Handling of Texas, Sage Power Solutions, and Hamilton Investment Group shall be unaffected by the Plan, in which case Reorganized HIIT shall continue to hold such Equity Interests." This oil field services provider filed for Chapter 11 protection on September 18, 2015, listing $36 million in pre-petition assets.

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