Hobbico details winning Blitz 18-313 bid for global Revell asset lot

By Caroline Salls

Pittsburgh, April 12 – Hobbico, Inc. announced Thursday that Blitz 18-313 GmbH has been selected as the winning bidder for its global Revell, Inc. asset lot.

According to documents filed with the U.S. Bankruptcy Court for the District of Delaware, Blitz agreed to pay $3.9 million for the assets, reduced by the amount of sales generated through the sale of inventory, increased by any amount by which the closing inventory amount is greater than $4.3 million, increased by the amount of any royalties payable by Revell US to third parties in connection with the sale of inventory to Blitz and increased by 50% of the gross profit from the sale of inventory.

Blitz will also assume related liabilities.

The sale hearing is scheduled for April 13.

Hobbico is a Champaign, Ill.-based designer, manufacturer and distributor of radio control and general hobby products. The company filed bankruptcy on Jan. 10 under Chapter 11 case number 18-10055.

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