06/18/2010 (9:57 pm)
Hawaii Biotech will be sold at auction
Hawaii Biotech, a company that has been struggling to reorganize in bankruptcy court, will go up for auction next month.
A request to convert the company’s Chapter 11 filing to a Chapter 11 363(b) asset sale provision, which is what GM and Chrysler used for their recent reorganizations, was accepted by bankruptcy court Judge Robert Faris on Monday.
The auction is scheduled for July 19, and bidding interest and notification is due to the company by July 12.
“We currently have a stalking horse bid in for the company,” said CEO Elliot Parks. “Our goal is to keep the company intact and keep trials going easy payday loans.”
Hawaii Biotech filed for bankruptcy protection on Dec. 11, at which time it claimed between $1 million and $10 million in assets and liabilities. The company listed nearly 400 unsecured creditors, with its largest being its landlord, Redico. Its claim was for $500,929 in unpaid rent, according to PBN research.
Hawaii Biotech, which has 23 full-time employees, entered into human clinical trials for West Nile and dengue fever vaccines within the past two years.
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