Hobbico’s Chapter 7 bankruptcy case closed by court

By Sarah Lizee

Olympia, Wash., Nov. 2 – Hobbico Inc.’s Chapter 7 bankruptcy case was closed by the U.S. Bankruptcy Court for the District of Delaware, according to an order filed Wednesday.

The company filed for bankruptcy on Jan. 10, 2017. In June 2018, it asked the court to convert its Chapter 11 bankruptcy case to Chapter 7.

The company had sold all of its operational assets of any meaningful value and said that while it had taken several steps since closing the sale to wind up the estate, it didn’t believe that the estate would continue to benefit by remaining in Chapter 11.

In addition, Hobbico lacked the funds to confirm a Chapter 11 plan of reorganization.

The court converted the case on July 18, 2018.

Hobbico was a Champaign, Ill.-based designer, manufacturer and distributor of radio control and general hobby products. The company’s case number was 18-10055.

© 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.