Hobbico announces that DIP financing termination event occurred May 31

By Caroline Salls

Pittsburgh, June 6 – Hobbico, Inc. said in a notice filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware that a termination event occurred under its debtor-in-possession financing order on May 31.

As a result of the occurrence of the termination date, the notice said Hobbico’s authorization to use cash collateral and incur post-bankruptcy debt under the DIP financing order terminated, and the debt was deemed immediately due and payable.

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

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