New Chapter 11 Filing – HDR Holding Inc.
HDR Holding, Inc., a West Chester, PA-based global manufacturer and supplier of branded land-based hydraulic drills and equipment to the mining, oil and gas, water and other end-markets, filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 19-11396), along with subsidiary Schramm. According to the First Day Declaration, the Debtors seek to sell their assets, with a proposal from prepetition lender GenNx360 to provide $6 million in DIP financing and to serve as the stalking horse bidder for substantially all of the Debtors’ assets. The Debtors have proposed Epiq to serve as their claims and noticing agent. The Debtors report $50 million to $100 million in both assets and liabilities. The cases have been assigned to the Honorable Mary F. Walrath.
Contact Norman L. Pernick or G. David Dean for more information regarding this matter.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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