Court-approved Asset Sale Closes in Chapter 11 Case – March 2014

On March 31, 2014, Chapter 11, HRK Holdings, LLC, closed on the sale of approximately 27 acres of industrial real property located in Manatee County, Florida, netting more than $7.5 million, which was largely used to pay down senior secured debt. The sale was free and clear of liens pursuant to order of the Bankruptcy Court and Section 363(f) of the Bankruptcy Code. This asset sale follows 2 earlier asset sales that cumulatively netted approximately $ 7.5M for the estate. HRK filed for relief under Chapter 11 on June 27, 2012 and has continued to operate its business since then as Debtor in Possession. Scott A. Stichter and Barbara A. Hart are leading the firm’s representation in this case.