Houston-based Hi-Way Equipment Company LLC, along with Hi-Way Holdings LLC and HWE Real Estate LLC, reported 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.
