HPI Racing Update 4/27/2017 So, it’s been almost a year since I wrote the “The Big Fish in No More” story on HPI and Hot Bodies (May 9th, 2016). We all know that Hot Bodies was purchased by Neidhart Distributing company and was re-branded as “HB Racing”. Since the purchase,… Continue reading

2018-01-23

“I don’t feel like they’re going to be fair to the Hobbico people at all.” Hobbico Files For Bankruptcy, Possibly Sell Company. The entire crew at BigSquidRC has very sad hearts over the following news. We have received the official press release from Hobbico Announcing Their Bankruptcy. The bankruptcy of Hobbico has led to Revell's assets being bought by the German investment group Blitz, which also bought Hobbico Germany, reports Scale Auto magazine.

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Some of them are irritated at the lack of communication over the past few months. Hobbico intends to use the bankruptcy filing, and possible sale of the business, in order to reduce debt, to restructure liabilities, and attract new investors, positioning the company for future growth. The company carefully evaluated this, as well as a number of other actions, but ultimately decided this was the best path forward. On January 10, 2018, Hobbico filed for Chapter 11 bankruptcy protection and announced the company is for sale. On April 13th, Horizon Hobby acquired control of most Hobbico RC brands & IP (excepting Great Planes Manufacturing).

Hobbico Inc, one the world’s biggest hobby products companies, filed for bankruptcy protection on Wednesday to press a planned sale after struggling with too much debt and too little in the way of

I guess distributors like Hobbico weren’t expecting direct online sales to hit them as hard. Hobbico / Great Planes Files Chapter 11 Bankruptcy- Do you care? More articles by Derek Buono » Written by: Derek Buono 2018-01-10 Hobbico, Inc. Files Petition for Chapter 11 Relief and Pursues Sale of Company CHAMPAIGN, Illinois. – January 10, 2018 – Hobbico, Inc. ("Hobbico" or "the Company") announced today that it has filed a petition for relief under Chapter 11 of the United States Bankruptcy Code while it seeks an orderly finalization and implementation of its comprehensive restructuring plan.

Hobbico was once one of the largest employers in Champaign. Hobbico went bankrupt in 2018 and is no longer in business. Horizon Hobby acquired some of  

All Revell US operations ceased on Friday, April 13. The Illinois offices were closed and 15 people lost their jobs. Debtors' Motion for an Order Pursuant to Bankruptcy Rule 1015(b) and Local Rule 1015-1, Authorizing (I) the Joint Administration of the Debtors Chapter 11 Cases, (II) Notification to Foreign Creditors Pursuant to Section 1514(b) of the Bankruptcy Code, and (III) Granting Related Relief Filed By Hobbico, Inc. (Attachments: # 1 Exhibit A)(Miller, Curtis) Modified on 1/11/2018 (SH). Hobbico “has determined that it may be necessary in the near future to permanently close and discontinue all of its operations in connection with a bankruptcy case to be filed under chapter 11 of the United States Bankruptcy Code,” wrote human resources Director Howard Salazar in a letter dated Wednesday obtained by The News-Gazette. Hobbico / Great Planes Files Chapter 11 Bankruptcy- Do you care? More articles by Derek Buono » Written by: Derek Buono Yesterday (3/12/2018) Hobbico petitioned the Federal Bankruptcy Court to allow it to auction itself and it's assets on March 26th, 2018.

The website hobbico.com redirects to Horizon's website, where a note welcomes Hobbico customers. Hobbico Inc, one the world’s biggest hobby products companies, filed for bankruptcy protection on Wednesday to press a planned sale after struggling with too much debt and too little in the way of Debtors' Motion for an Order Pursuant to Bankruptcy Rule 1015(b) and Local Rule 1015-1, Authorizing (I) the Joint Administration of the Debtors Chapter 11 Cases, (II) Notification to Foreign Creditors Pursuant to Section 1514(b) of the Bankruptcy Code, and (III) Granting Related Relief Filed By Hobbico, Inc. (Attachments: # 1 Exhibit A)(Miller The county can’t solve Hobbico’s bankruptcy problems, but they can help the employees by creating job fairs and setting them up with other opportunities. Hobbico said its problems come from a growing competitive market and they’ve had issues with suppliers. Last week they shut down the office in Reno, Nevada. Also on Monday, a bankruptcy judge approved a separate $7 million sale of Hobbico’s Colorado-based model-rocket subsidiary, Estes, to an organization called The Langford Group. An auction for Hobbico’s remaining assets — including United Model, Revell US and Revell Germany — was temporarily suspended last week.
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– January 10, 2018 – Hobbico, Inc. ("Hobbico" or "the Company") announced today that it has filed a petition for relief under Chapter 11 of the United States Bankruptcy Code while it seeks an orderly finalization and implementation of its comprehensive restructuring plan.

Also on Monday, a bankruptcy judge approved a separate $7 million sale of Hobbico’s Colorado-based model-rocket subsidiary, Estes, to an organization called The Langford Group. An auction for Hobbico’s remaining assets — including United Model, Revell US and Revell Germany — was temporarily suspended last week.
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Apr 16, 2018 The bankruptcy of Hobbico has led to Revell's assets being bought by a German investment group, listed in court documents as Blitz 18-313.

More articles by Derek Buono » Written by: Derek Buono 2018-01-10 Hobbico, Inc. Files Petition for Chapter 11 Relief and Pursues Sale of Company CHAMPAIGN, Illinois. – January 10, 2018 – Hobbico, Inc. ("Hobbico" or "the Company") announced today that it has filed a petition for relief under Chapter 11 of the United States Bankruptcy Code while it seeks an orderly finalization and implementation of its comprehensive restructuring plan. Yesterday (3/12/2018) Hobbico petitioned the Federal Bankruptcy Court to allow it to auction itself and it's assets on March 26th, 2018. Hobbico intends to use the bankruptcy filing and possible sale of the business to reduce debt, restructure liabilities, attract new capital investment and position the company for future growth. The filing and potential sale also aim to preserve Hobbico’s industry-leading business, including allowing the Company to invest in new products and continue supporting all of its customers and Hobbico Files For Bankruptcy, Possibly Sell Company. The entire crew at BigSquidRC has very sad hearts over the following news.