2018-03-30
Let me start off by saying that our sister company, AtlantaHobby.com has done business with Hobbico for many years. The RC community, while small, is a very tightknit industry. The Hobbico team are close friends of ours, and like most friends do, we support them. You may have heard the recent news regarding Hobbico’s decision […]
"Despite Hobbico's core strengths, our business has faced a number of challenges in the last few years, and we have taken steps to ensure all available options to restore the stability of the company have been 2018-06-18 2018-04-08 2018-04-16 Some sad financial news, albeit a couple of days late. Revell US owners Hobbico go bust Was informed by my LHS who had received an email, which said t Hobbico intends to use the bankruptcy filing and possible sale of the business to reduce debt, restructure liabilities, attract new capital investment and position the company for future growth. The filing and potential sale also aim to preserve Hobbico’s industry-leading business, including allowing the Company to invest in new products and continue supporting all of its customers and HobbiCo / Great Planes / Tower Hobbies Further Details Regarding Hobbico Bankruptcy – RCMX Thats a lot of owed […] RC MX 18 January, 2018 at 02:56 Reply. Yes, it’s sad for the manufacturers as well. I guess distributors like Hobbico weren’t expecting direct online sales to hit them as hard. Hobbico / Great Planes Files Chapter 11 Bankruptcy- Do you care?
Posted by Bert Kinzey THE HOBBICO BANKRUPTCY Note: This is a little lengthy, but I'd like to share my thoughts, given my connection with the companies involved, since it impacts all of us who enjoy Jan 10, 2018 Hobbico Inc., a distributor of radio-controlled cars, boats, planes and model toys, filed for bankruptcy protection Wednesday in Delaware. Jan 11, 2018 The Wheel Of Fortune has been Spun, and Hobbico has landed on Bankrupt. What does this mean? For those that do not know, Hobbico Jan 10, 2018 Hobbico, Inc. , a Chicago-based distributor of radio-control and has filed a petition for relief under chapter 11 in the Bankruptcy Court for the Jan 10, 2018 Champaign-based Hobbico says it has filed for Chapter 11 bankruptcy, and will look into a possible sale of the company. Jan 11, 2018 CHAMPAIGN, Ill. – January 10, 2018 – Hobbico, Inc. (“Hobbico” or “the Company ”) announced today that it has filed a petition for relief under Jan 11, 2018 Great Planes/Hobbico sent a recent press release with their Chapter 11 filing. Does this matter to you?
Hobbico “has determined that it may be necessary in the near future to permanently close and discontinue all of its operations in connection with a bankruptcy case to be filed under chapter 11 of the United States Bankruptcy Code,” wrote human resources Director Howard Salazar in a letter dated Wednesday obtained by The News-Gazette. Source; Big Squid “Hobbico, Inc. Files Petition for Chapter 11 Relief and Pursues Sale of Company Seeks Protection from Creditors to Restructure and Attract New Capital Investment; Operations Continue Throughout Bankruptcy Process CHAMPAIGN, Ill. – January 10, 2018 – Hobbico, Inc. (“Hobbico” or “ 2018-04-07 · The Bankruptcy Court has approved the sale of Hobbico’s RC business to Horizon Hobby, LLC. There was also a $7 million sale of Hobbico’s Colorado-based model-rocket subsidiary, Estes .
HPI Racing Update 4/27/2017 So, it’s been almost a year since I wrote the “The Big Fish in No More” story on HPI and Hot Bodies (May 9th, 2016). We all know that Hot Bodies was purchased by Neidhart Distributing company and was re-branded as “HB Racing”. Since the purchase,… Continue reading
2018-01-23 Recently, Hobbico, one of the largest employers in Champaign, Illinois filed for bankruptcy. Over the past two years, the company laid off a substantial portion of its workforce because it simply could not afford to keep them employed.
Hobbico, the Champaign, IL company which owns Estes Industries (along with a large number of hobby outfitters), is filing for Chapter 11 bankruptcy, and layoffs may begin in April, according to an article on the Champaign News-Gazette website. I do not know what this means for the future of Estes (though I have read a lot of speculation online), but I am quite concerned.
In its filing with the United States Bankruptcy Court in Delaware, Hobbico said it has an estimated 200 to 999 creditors, $10 to $50 million in assets, and $100 to $500 million in liabilities. Hobbico has been an employee owned (all stock owned by employees) company. They can just void the employee stock and then make a public offering.
Hobbico is in dire straights and filed for protection under the bankruptcy laws or Chapter 11. Hobbico’s intent is to sell the company per a statement you can find here: www.hobbico.com/company-news.php. CHAMPAIGN — Hobbico filed for bankruptcy protection Wednesday, which could result in 332 layoffs at its Champaign facility.
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Hobbico “has determined that it may be necessary in the near future to permanently close and discontinue all of its operations in connection with a bankruptcy case to be filed under chapter 11 of the United States Bankruptcy Code,” wrote human resources Director Howard Salazar in a letter dated Wednesday obtained by The News-Gazette. Source; Big Squid “Hobbico, Inc. Files Petition for Chapter 11 Relief and Pursues Sale of Company Seeks Protection from Creditors to Restructure and Attract New Capital Investment; Operations Continue Throughout Bankruptcy Process CHAMPAIGN, Ill. – January 10, 2018 – Hobbico, Inc. (“Hobbico” or “ 2018-04-07 · The Bankruptcy Court has approved the sale of Hobbico’s RC business to Horizon Hobby, LLC. There was also a $7 million sale of Hobbico’s Colorado-based model-rocket subsidiary, Estes . Looking at the documents , it appears the big chunks of debt/liabilities are $74m and $42m?
Does this matter to you? Yes and no. If I was to be honest both
Jan 10, 2018 Hobbico has filed for bankruptcy on Wednesday and is now selling the company.
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In re: Hobbico, Inc., et al., Case No. 17-xxxxx. United States Bankruptcy Court, District of Delaware. On December 9, 2017 (the "Petition Date"), Hobbico, Inc. and certain of its affiliates (together, the “Debtors”) filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code.
Yesterday (3/12/2018) Hobbico petitioned the Federal Bankruptcy Court to allow it to auction itself and it's assets on March 26th, 2018. Hobbico intends to use the bankruptcy filing and possible sale of the business to reduce debt, restructure liabilities, attract new capital investment and position the company for future growth. The filing and potential sale also aim to preserve Hobbico’s industry-leading business, including allowing the Company to invest in new products and continue supporting all of its customers and Hobbico Files For Bankruptcy, Possibly Sell Company.
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2021-04-11 · Hobbico is asking a bankruptcy court judge for approval to convert the case from Chapter 11 to Chapter 7. "Given that the Debtors (i) have sold all of their assets of any meaningful value, (ii
Jun 18, 2018 HOBBICO, WHICH OWNS REVELL filed for bankruptcy early in 2018. So what is happening with the Hobbico plastic kit brands? Mat Irvine: The Aug 29, 2018 The deal was worked out shortly after the Hobbico bankruptcy was settled out. It was a very smooth transaction.