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Specializing in insolvency and complex commercial matters since 1974

HRK Holdings, LLC and HRK Industries, LLC confirm their joint Chapter 11 Plan of Reorganization – August 2, 2016

On August 2, 2016, the Honorable K. Rodney May of the United States Bankruptcy Court for the Middle District of Florida confirmed the joint plan of reorganization for HRK Holdings, LLC and HRK Industries, LLC, cases involving over $33 million in filed claims.  The Debtors own and manage heavy industrial property located in the northwest corner of Manatee County in Palmetto, Florida.  During the case, the Debtors resolved significant litigation and sold approximately 65 acres of real property pursuant to section 363 of the Bankruptcy Code, netting approximately $15 million to reduce senior secured debt and establish funding to ensure the environmental integrity of the phosphogypsum stack system located on the property.  An integral part of plan was the partial settlement of litigation against certain state court defendants for $ 7.25 million and the entry of a bar order in favor of the settling defendants. The property sales and the Chapter 11 reorganization advanced the Debtors plan to create an industrial park adjacent to Port Manatee, the closest deep-water port in the United States to the Panama Canal.  The firm’s representation was headed by Barbara Hart and Scott Stichter.