Harrington & King Perforating Co., Inc. and its divisions have filed for bankruptcy.
Harrington & King Perforating Co., Inc. (“H&K Chicago”) and Harrington & King South, Inc. (“H&K South” and together with H&K Chicago, the “Debtors”) believe that the Debtors’ Consolidated Plan of Reorganization, dated April 6, 2017 (the “Plan”) is in the best interests of Creditors and urge Creditors to vote for the Plan. If Creditors vote for the Plan and the Plan is confirmed, the Debtors anticipate that all Secured Claims will be paid in full over a 5-year period; Creditors holding Allowed Unsecured Claims may receive as much as 25% of the amount owed to them (or possibly more) over a 5-year period, and the Debtors’ employees will continue to have jobs in the Chicago and Tennessee Plants. Conversely, if Creditors do not vote for the Plan and the Plan is not confirmed, the Debtors’ assets will likely be liquidated in an inefficient manner. In that case, the Debtors do not believe that there will be any proceeds remaining to pay anything to Unsecured Creditors, secured Creditors will probably not receive the total amount the Debtors owe, and the Debtors’ workers will be unemployed.