Traffic Safety Co. Hits Ch. 11 Looking To Liquidate

Law360, Wilmington (May 22, 2013, 4:09 PM ET) -- Highway Technologies Inc., a provider of traffic safety services and equipment, entered Chapter 11 protection in Delaware bankruptcy court Wednesday looking to liquidate its assets after plans to sell the company as a going concern fell through last week.

Houston-based Highway Technologies ceased operations and terminated about 90 percent of its workforce May 17 after attempts to sell the company to an industry rival or acquire additional financing came to naught, according to a first day declaration by interim President Robert Hookstra.

The company, which operated...
To view the full article, register now.