Highway Technologies, Inc. was a large, Houston-based[1] US construction company with offices in 33 cities[2] that filed for bankruptcy in May 2013, laying off 740 of its 825 employees.[3] The company was founded 30 years ago.[when?][4]
The company supplied "highway barriers, traffic control devices and rent[ed] barriers for detours and emergency closures".[4]
Liquidation of company assets began in June 2013[5] and continued through November 2013,[6] with some local branches sold in their entirety to new owners.
Locations
editThe company operated in over 30 US cities,[7][8] with as many as 50 to 80 employees at some locations:[1]
- Flagstaff, Arizona
- Fort Mohave, Arizona
- Prescott, Arizona (reopened as part of Trafficade Work Zone Services)
- Tempe, Arizona
- Tucson, Arizona
- San Jose, California
- Ventura, California
- Denver, Colorado, reopened as Colorado Barricade in August 2013.[9]
- Loveland, Colorado
- Clearwater, Florida
- Fort Myers, Florida
- Jacksonville, Florida
- Jupiter, Florida
- Orlando, Florida
- Bloomington, Illinois
- Carbondale, Illinois
- East St. Louis, Illinois, reopened as Warning Lites of Southern Illinois, LLC in August 2013
- Springfield, Illinois
- Villa Park, Illinois
- Baton Rouge, Louisiana
- Minneapolis, Minnesota
- Springfield, Missouri
- Missoula, Montana
- Richland, New Jersey
- North Las Vegas, Nevada
- Portland, Oregon
- Austin, Texas
- Corpus Christi, Texas
- Fort Worth, Texas
- Houston, Texas
- San Antonio, Texas
Company bankruptcy
editThe Houston-based company laid off 740 employees, of 825 total, on May 17, 2013, and filed for bankruptcy on May 22.[1] The bankruptcy filing indicated that company assets were between $50 and $100 million while liabilities were between $100 and $500 million.[5]
Disruptions
editEvent disruptions occurred as a result of the suspension of operations in a number of cities. In Denver, the Colfax Marathon and the American Ninja Warrior competition lost the contracted support services for the provision of traffic barricades for the event.[2] Fifteen active projects were shut down in Montana by the closure of the Missoula office, where 180 employees lost their jobs.[10][11]
Liquidation
edit"Bankruptcy was seen as the best option to protect the company's assets for its creditors".[1] At the May 23, 2013, bankruptcy court hearing, approval was given "to start to sell any assets below $200,000. The company pursued the sale of its assets both piecemeal and on a turnkey — intact branches — basis through private sales and auctions"[1][12]
Some Highway Technologies local enterprises were sold in their entirety to new owners.[12] In early August, the Denver branch emerged from bankruptcy as Colorado Barricade, sold at a price of US$775,000 plus assumption of certain liabilities pertaining solely to the existing operation, and hired back some 20 of the 50-plus employees of Highway Technologies Denver operation within the first week of operation.[9]
Over 60,000 remaining assets were sold off in auctions held between August and November 2013,[6] including 4700 items sold at one two-day auction in Texas in late August.[13]
References
edit- ^ a b c d e Highway Technologies' abrupt bankruptcy affects 740 employees nationwide, May 28, 2013, Houston Business Journal.
- ^ a b Traffic-barrier company closes its doors day before Colfax Marathon, May 18, 2013, Denver Post.
- ^ Construction supply company closes doors, lays off 740, May 28, 2013, Houston Chronicle.
- ^ a b "Highway Technologies Lays off 180 Employees". NightcapTV.com. May 29, 2013. Retrieved April 23, 2019.
- ^ a b "Company Bankruptcy Information for Highway Technologies, Inc". BusinessBankruptcies.com. Retrieved April 23, 2019.
- ^ a b
"Assets previously owned by Highway Technologies". Auction web announcement. Ritchie Bros. Auctioneers. Retrieved November 16, 2013.
60,000+ lotted assets — No minimum bids on trucks, signs & more. These highway safety products will all be sold to the highest bidders at 13 Ritchie Bros. unreserved auction between Aug & Nov 2013.
- ^ "Highway Technologies Private Treaty Sale". HilcoInd.com. 2013. Retrieved June 17, 2013.
- ^ Highway Technologies Private Treaty Sale
- ^ a b Proctor, Cathy (August 2, 2013). "Denver branch of Highway Technologies emerges from closure as Colorado Barricade". Denver Business Journal. Retrieved November 16, 2013.
- ^ Foster, Emily (June 10, 2013). "Hundreds Lose Jobs As Highway Co. Goes Bankrupt". abc Fox Montana. Retrieved November 16, 2013.
- ^ missoulian.com. "missoulian.com". Missoulian.com. Retrieved April 23, 2019.
- ^ a b Brenzel, Kathryn (November 16, 2013). "Highway Technologies Seeks To Sell Off Branches For $5M". Law 360. Retrieved June 6, 2013.
- ^ "Ritchie Bros. sells over US $53 million of industrial asset's at Houston auction: Most items ever sold at a Ritchie Bros. auction in Texas" (PDF). press release. Ritche Bros. Auctioners. Retrieved November 16, 2013.