Brief: Harbor Custom Development Announces Intentions To Liquidate Via Chapter 11 Plan

Harbor Custom Development

16/02/2024 23:50

Feb 16 (Reuters) - Harbor Custom Development Inc
 HCDIQ.PK :
    * HARBOR CUSTOM DEVELOPMENT, INC., ANNOUNCES INTENTIONS TO
LIQUIDATE VIA CHATER 11 PLAN
    * HARBOR CUSTOM DEVELOPMENT INC - ITS PLAN TO CONTINUE TO
WIND
DOWN ITS OPERATIONS
    * HARBOR CUSTOM DEVELOPMENT INC - TO VOLUNTARILY LIQUIDATE
ALL OF
ITS ASSETS THROUGH AN APPROVED CHAPTER 11 PLAN
    * HARBOR CUSTOM DEVELOPMENT- EXPLORED POSSIBILITIES OF
RESTRUCTURING ITS BUSINESS TO CONTINUE AS A GOING CONCERN BUT
HAS FOUND NO VIABLE PLAN TO DO SO
    * HARBOR CUSTOM DEVELOPMENT INC - PLANS TO SUBMIT A CHAPTER
11
PLAN PROPOSING LIQUIDATION OF ITS ASSETS TO BANKRUPTCY COURT FOR
APPROVAL IN LATE FEB
    * HARBOR CUSTOM DEVELOPMENT INC - BELIEVES IT IS UNLIKELY
THAT
LIQUIDATION PROCESS WILL RESULT IN ANY MATERIAL RETURN TO ITS
EQUITY SHAREHOLDERS
    * HARBOR CUSTOM DEVELOPMENT INC - COMPANY'S HOLDINGS NEAR
SEMIAHMOO, WASHINGTON WILL ALSO BE PUT ON MARKET SHORTLY
    * HARBOR CUSTOM DEVELOPMENT - INTENDS TO COMPLETE WIND-DOWN
OF
BUSINESS, INCLUDING SALES OF REMAINING ASSETS IN WASHINGTON,
CALIFORNIA, FLORIDA, TEXAS

Source text for Eikon:  ID:nGNX6qkv2F 
Further company coverage:  HCDIQ.PK 

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