Highway Technologies gets OK for $7.3 million asset sale to Ritchie

By Jim Witters

Wilmington, Del., July 29 - Highway Technologies, Inc. received approval for the $7.3 million sale of some of its assets to Ritchie Bros. Auctioneers Inc., according to a July 29 filing with the U.S. Bankruptcy Court for the District of Delaware.

The cash sale proceeds will be considered cash collateral under the debtor-in-possession financing agreement.

The transaction is considered a "bulk sale" under the bid procedures approved by the court for the piecemeal sale of equipment on construction sites scattered across 13 states.

Highway Technologies also is marketing its branch operations as going concerns under a separate set of procedures.

Highway Technologies, a Houston-based highway safety services and equipment provider, filed for bankruptcy on May 22. Its Chapter 11 case number is 13-11326.

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