Highway Technologies Looks To Wind Down In Ch. 7

Law360, New York (September 23, 2013, 2:22 PM ET) -- Highway Technologies Inc. asked a Delaware bankruptcy judge Friday to convert its bankruptcy case to a Chapter 7 proceeding, saying enacting a Chapter 11 plan wouldn't be feasible for the mostly liquidated traffic safety services and equipment provider in light of estimated costs.

Houston-based Highway Technologies said that after consulting with lenders and the unsecured creditors committee, it determined that potential administrative costs and possible claims from former employees make Chapter 7 the best vehicle to wind down the company.

“The debtors continue to incur administrative...
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