Haydale puts US unit into bankruptcy, seeks to sell and focus on UK graphene-related business
Haydale Graphene has reportedly announced that it has initiated a corporate insolvency process for its US subsidiary Haydale Ceramic Technologies (HCT) under chapter 11 of the US Bankruptcy Code. The company said it had filed the necessary documents in the state of Georgia, with a court hearing expected in the coming days to formalize the proceedings.
As part of the process, Haydale said it planned to sell HCT’s assets through a court-supervised public auction, as it said it saw that as the best route to maximize asset value and recover cash for the parent company, which has a £12.8 million intercompany debtor balance tied to its US operations. While several third-party firms had expressed interest in acquiring HCT’s assets, there was no guarantee of financial recovery.
Source: http://www.graphene-info.com/haydale-puts-us-unit-bankruptcy-seeks-sell-and-focus-uk-graphene-related
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