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Harbor Custom Development, Inc., Announces Intentions to Liquidate via Chater 11 Plan

Harbor Custom Development, Inc., Announces Intentions to Liquidate via Chater 11 Plan

Harbor Custom Development, Inc. 宣佈打算通過第11章計劃進行清算
Harbor Custom Development ·  02/16 13:00

TACOMA, Wash, Feb. 16, 2024 (GLOBE NEWSWIRE) -- As previously announced, on December 11, 2023, Harbor Custom Development, Inc. (OTC PK: HCDIQ, HCDPQ, HCDWQ, HCDZQ) (collectively with certain of its wholly owned subsidiaries described below, "the Company") voluntarily filed for protection under Chapter 11 of the United States Bankruptcy Code in the Western District of Washington at Tacoma. The Company today announced its plan to continue to wind down its operations and voluntarily liquidate all of its assets through an approved Chapter 11 Plan.

華盛頓州塔科馬,2024年2月16日(GLOBE NEWSWIRE)——正如先前宣佈的那樣,2023年12月11日,Harbor Custom Development, Inc.(場外交易市場:HCDIQ、HCDPQ、HCDWQ、HCDZQ)(以下簡稱 “公司”)自願在華盛頓西區塔科馬根據《美國破產法》第11章申請保護。該公司今天宣佈計劃繼續結束其業務,並通過批准的第11章計劃自願清算其所有資產。

The Company has retained Keen-Summit Capital Partners LLC, a leading real estate brokerage and investment banking firm based in New York, NY, to manage the sale of its premier multi-family real estate portfolio, which represents a rare opportunity to invest in one of the Pacific Northwest's thriving real estate markets. Keen-Summit has a well-deserved reputation for handling complex real estate transactions. Shelly Crocker, the Company's Chief Restructuring Officer stated, "Our decision to partner with Keen-Summit is a strategic step towards maximizing value on our multi-family portfolio under a Chapter 11 Plan."

該公司聘請了總部位於紐約州紐約的領先房地產經紀和投資銀行公司Keen-Summit Capital Partners LLC來管理其首屈一指的多戶住宅房地產投資組合的出售,這是投資太平洋西北地區蓬勃發展的房地產市場之一的難得機會。Keen-Summit在處理複雜的房地產交易方面享有當之無愧的聲譽。該公司首席重組官雪莉·克羅克表示:“我們決定與Keen-Summit合作是朝着根據第11章計劃實現多戶家庭投資組合價值最大化邁出的戰略一步。”

The multi-family portfolio includes four projects: Belfair View Apartments in Belfair, WA; Bridgeview Trail Apartments in Port Orchard, WA; Meadowscape Apartments in Olympia, WA; and Pacific Ridge Apartments in Tacoma, WA. An auction has yet to be scheduled. Stalking horse offers are being considered. Additional details are available in a virtual data room at HarborCustom-BankruptcySale.com. For direct inquiries, contact Keen-Summit Capital Partners, 646-381-9222. The sale is subject to court approval.

多戶住宅投資組合包括四個項目:華盛頓州貝爾費爾的貝爾費爾景觀公寓;華盛頓州奧查德港的Bridgeview Trail公寓;華盛頓州奧林匹亞的Meadowscape公寓;以及華盛頓州塔科馬的太平洋嶺公寓。拍賣尚未安排。正在考慮實地考察的提議。其他詳細信息可在虛擬數據室獲得 Harborcustom-burportcy。如需直接查詢,請致電646-381-9222與Keen-Summit Capital Partners聯繫。此次出售須經法院批准。

The Company explored the possibilities of restructuring its business to continue as a going concern, but unfortunately, has found no viable plan to do so. Subject to approval of the Bankruptcy Court, the Company now intends to complete an orderly wind-down of its business, including sales of its remaining assets in Washington, California, Florida, and Texas, to maximize any potential recovery for the Company's creditors. The Company's holdings near Semiahmoo, Washington will also be put on the market shortly. The Company believes it is unlikely that the liquidation process will result in any material return to its equity shareholders.

該公司探討了重組業務以繼續保持持續經營的可能性,但不幸的是,尚未找到可行的計劃。經破產法院批准,公司現在打算完成業務的有序關閉,包括出售其在華盛頓、加利福尼亞州、佛羅里達州和德克薩斯州的剩餘資產,以最大限度地提高公司債權人的潛在收益。該公司在華盛頓州Semiahmoo附近的股份也將很快投放市場。該公司認爲,清算過程不太可能爲其股東帶來任何實質性回報。

The Company plans to submit a Chapter 11 Plan proposing liquidation of its assets to the Bankruptcy Court for approval in late February.

該公司計劃在2月下旬向破產法院提交一份提議清算其資產的第11章計劃,供其批准。

Additional Information

附加信息

Resources for the Company's creditors and equity interest holders can be found by visiting the website at https://cases.creditorinfo.com/hcdi, including court filings and other documents related to the Chapter 11 process. Aditi Paranjpye at Cairncross & Hempelmann, P.S. is serving as lead bankruptcy legal counsel to the Company.

公司債權人和股權持有人的資源可以通過訪問以下網站找到 https://cases.creditorinfo.com/hcdi,包括與第11章程序有關的法庭文件和其他文件。P.S. Cairncross & Hempelmann的Aditi Paranjpye擔任該公司的首席破產法律顧問。

About Harbor Custom Development, Inc.

關於 Harbor 定製開發有限公司

Harbor Custom Development, Inc. is a real estate development company which is now in the process of winding-down its operations and liquidating all of its assets pursuant to a proposed Chapter 11 Liquidation Plan, subject to Bankruptcy Court approval.

Harbor Custom Development, Inc.是一家房地產開發公司,目前正在根據擬議的第11章清算計劃結束業務並清算其所有資產,但須經破產法院批准。

Forward-Looking Statements

前瞻性陳述

Certain statements in this press release may be considered forward-looking statements, including statements with respect to the Company's pursuit of bankruptcy protection and approval of a Chapter 11 Liquidation Plan. Forward-looking statements generally relate to future events and can be identified by terminology such as "may," "should," "could," "might," "plan," "possible," "strive," "budget," "expect," "intend," "estimate," "believe," "predict," "potential," "pursue," "aim," "goal," "mission," "anticipate" or "continue," or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. The Company's actual results may differ materially from those anticipated in these forward-looking statements as a result of certain risks and other factors, which include the following: risks and uncertainties relating to the Company's Chapter 11 cases, including but not limited to, the Company's ability to obtain Bankruptcy Court approval with respect to motions in the Chapter 11 cases, the effects of the Chapter 11 cases on the Company and on the interests of various constituents, Bankruptcy Court rulings in the Chapter 11 cases and the outcome of the Chapter 11 cases in general, the length of time the Company will operate under the Chapter 11 cases, risks associated with any third-party motions in the Chapter 11 cases, the potential adverse effects of the Chapter 11 cases on the Company's proposed Chapter 11 Liquidation Plan and increased legal and other professional costs necessary to execute the Company's Chapter 11 Liquidation Plan if approved; the conditions to which the Company's cash collateral is subject and the risk that these conditions may not be satisfied for various reasons, including for reasons outside of the Company's control; the consequences of the acceleration of the Company's debt obligations and the trading price and volatility of the Company's common stock, and the risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in the Company's Quarterly Report on Form 10-Q for the third quarter ended September 30, 2023 and Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and other documents filed by the Company from time to time with the United States Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements other than as required by applicable law.

本新聞稿中的某些陳述可能被視爲前瞻性陳述,包括有關公司尋求破產保護和批准第11章清算計劃的陳述。前瞻性陳述通常與未來事件有關,可以用 “可能”、“應該”、“可能”、“計劃”、“可能”、“努力”、“預算”、“預期”、“打算”、“估計”、“相信”、“預測”、“潛在”、“追求”、“目標”、“使命”、“預測” 或 “繼續” 等術語來識別,或這些術語的否定詞或它們的變體或類似術語。此類前瞻性陳述受風險、不確定性和其他因素的影響,這些因素可能導致實際結果與此類前瞻性陳述所表達或暗示的結果存在重大差異。這些前瞻性陳述基於估計和假設,儘管公司及其管理層認爲這些估計和假設是合理的,但本質上是不確定的。由於某些風險和其他因素,公司的實際業績可能與這些前瞻性陳述中的預期存在重大差異,其中包括以下因素:與公司第11章案件相關的風險和不確定性,包括但不限於公司就第11章案件中的動議獲得破產法院批准的能力、第11章案件對公司和各組成部分利益的影響、破產法院在該章中的裁決 11 個案例和該章的結果總共有11個案例,公司根據第11章案件開展業務的時間長度,與第11章案件中任何第三方動議相關的風險,第11章案件對公司擬議的第11章清算計劃的潛在不利影響,以及如果獲得批准,執行公司第11章清算計劃所需的法律和其他專業費用增加;公司現金抵押品的條件以及由於各種原因可能無法滿足這些條件的風險,包括出於外部原因公司的控制權;公司債務義務加速履行的後果以及公司普通股的交易價格和波動率,以及公司截至2023年9月30日的第三季度10-Q表季度報告和截至2022年12月31日財年的10-K表年度報告以及截至2022年12月31日財年的10-K表年度報告中標題爲 “風險因素” 和 “前瞻性陳述的警示性說明” 的章節中提出的風險和不確定性本公司不時與美國證券合作和交易委員會。前瞻性陳述僅代表其發表之日。提醒讀者不要過分依賴前瞻性陳述,除非適用法律要求,否則公司不承擔任何義務,也無意更新或修改這些前瞻性陳述。

Investor Relations
IR@harborcustomdev.com
866-744-0974

投資者關係
IR@harborcustomdev.com
866-744-0974

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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