hibu units file Chapter 15 bankruptcy, eye recognition of U.K. case

By Caroline Salls

Pittsburgh, Feb. 3 - hibu Inc. and five other hibu debtors filed Chapter 15 bankruptcy on Jan. 28 in the U.S. Bankruptcy Court for the Eastern District of New York to obtain U.S. court recognition of its U.K. reorganization proceedings.

The English reorganization proceedings were filed on Jan. 17. Schemes of arrangement were proposed last month, and a scheme sanctioning hearing is scheduled for Feb. 27, as is the case recognition hearing in the U.S. court.

The company said the U.K. proceedings were filed because hibu's current debt structure remains a significant burden on the enterprise.

hibu's debt obligations, coupled with the continuing pressures faced by the print and digital directory business, forced it into its current restructuring, court documents said.

According to court filings, hibu has more than $1 billion of both assets and debt.

The company is represented by Kirkland & Ellis LLP.

hibu is a Uniondale, N.Y., print and digital directory and digital services provider. The Chapter 15 case number is 14-70323.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.