Houston, Texas, United States of America (Free-Press-Release.com) April 2, 2013 -- HOUSTON – Houston-based Hi-Way Equipment Company LLC, along with Hi-Way Holdings LLC and HWE Real Estate LLC, reported today that they have filed petitions in Fort Worth federal court under Chapter 11 of the United States Bankruptcy Code.
Hi-Way Equipment is a Case and Case IH equipment dealer. Hi-Way Equipment also sells and rents other quality equipment brands including Wirtgen, Gradall, Kawasaki, Astec and Pettibone. The numerous products that Hi-Way Equipment sells and rents include wheel loaders, crawler excavators, full-sized excavators, skid steers, loader backhoes, crawler dozers, forklifts, agricultural tractors and combines. In addition, Hi-Way Equipment provides parts and repair services, including scheduled maintenance, warranty services, inspections, undercarriage maintenance, remanufacturing and on-site services. Hi-Way Equipment operates 11 locations, serving customers throughout Southeast, Central and North Texas. The bankruptcy filings will allow Hi-Way Equipment to continue operating normally while the Companies explore a sale.
In conjunction with the filing today, Holland N. O’Neil a partner in the Bankruptcy and Business Reorganization Practice Group at Gardere Wynne Sewell LLP and lead bankruptcy attorney for Hi-Way Equipment, said that the Companies have received an agreement from their lenders to continue the use of cash receipts to pay post-petition operating expenses, including trade and employee obligations, while the Companies pursue a sale. The Companies have also secured a $2 million debtor-in-possession financing, which will allow them to fund their operations. The Companies expect to be sold to a strategic buyer and emerge from bankruptcy as part of a larger organization.
Gardere Wynne Sewell LLP, an Am Law 200 firm founded in 1909 and one of the Southwest’s largest full-service law firms, has offices in Austin, Dallas, Houston and Mexico City. Gardere provides legal services to private and public companies and individuals in areas of corporate, litigation, energy, tax, real estate, financial services, government affairs, hospitality, intellectual property, labor and employment, and environmental.
