September 28, 2016 3:06 AM ET

Electronic Equipment, Instruments and Components

Company Overview of HEI Inc.

Company Overview

On October 8, 2015, HEI, Inc. went out of business as per its Chapter 11 liquidation filing under bankruptcy. HEI, Inc. provides contract electronic manufacturing services and solutions worldwide. It offers rapid prototyping engineering, product design, automation and test, box build manufacturing, distribution, and fulfillment solutions. The company provides microelectronic assembly services, which comprise high density, direct chip attach miniaturization solutions, including services from front end development through full production; flex, rigid-flex, and ceramic substrates that are used as platforms for microelectronic assembly; engineering services for creative technological solutions; ...

1495 Steiger Lake Lane

Victoria, MN 55386

United States

Founded in 1968

Phone:

952-443-2500

Key Executives for HEI Inc.

HEI Inc. does not have any Key Executives recorded.

HEI Inc. Key Developments

Liquidation Plan Approved for HEI Inc.

The US Bankruptcy Court approved the plan of liquidation of HEI Inc. on September 23, 2015. The debtor filed its plan in the Court on June 3, 2015. As per the plan, postpetition administrative operating expense claims of $0.12 million, twenty-day claims of $0.07 million, professional fees and expenses of $0.06 million, accrued taxed for Victoria Property of $0.05 million, reclamation claims of $5,214.09 will be paid full in cash. Claims arising under assumed executory contracts or unexpired leases of $2,500 will be paid the cure amount claim. Statutory fees and Court costs will be paid full in cash. Priority tax claims of $0.02 million, employee priority claims of $0.16 million and all other priority claims will be paid full in cash. Avoidable secured claim of Fisher Technology, Inc. of $0.04 million will be treated as general unsecured claim. Allowed secured tax claims of $1,621.91 will be paid full in cash from liquidation fund. Other secured claims of $0.02 million will receive at the sole option of liquidating agent, either full payment in cash or collateral securing the claim. General unsecured claims in the range of $6.04 million to $10.32 million, will be paid estimated distribution in the range of 36% to 63% of the allowed claim, from the liquidation fund. Preferred and non-preferred equity interests will be cancelled on the effective date. The plan will be funded through sale of assets.

Liquidation Plan & Related Disclosure Statement Filed by HEI Inc.

HEI Inc. filed liquidation plan and related disclosure statement in the US Bankruptcy Court on June 3, 2015. As per the plan filed, Postpetition administrative operating expense claims of $0.12 million, Twenty-Day claims of $0.07 million, professional fees and expenses of $0.06 million, Accrued Taxed for Victoria Property of $0.05 million, Reclamation claims of $5,214.09 will be paid full in cash. Claims Arising Under Assumed Executory Contracts or Unexpired Leases of $2,500 will be paid the cure amount claim. Statutory Fees and Court Costs will be paid full in cash. Priority tax claims of $0.02 million, Employee priority claims of $0.16 million and all other priority claims will be paid full in cash. Avoidable Secured Claim of Fisher Technology, Inc. of $0.04 million will be treated as general unsecured claim. Allowed Secured Tax Claims of $1,621.91 will be paid full in cash from liquidation fund. Other Secured Claims of $0.02 million will receive at the sole option of liquidating agent, either full payment in cash or collateral securing the claim. General Unsecured Claims in the range of $6.04 million to $10.32 million, will be paid estimated distribution in the range of 36% to 63% of the allowed claim, from the liquidation fund. Preferred and non-Preferred Equity Interests will be cancelled on the effective date. The plan will be funded through sale of assets.

Motion for Asset Sale Approved for HEI Inc.

The US Bankruptcy Court gave an order approving the sale of the certain assets of HEI Inc. on February 6, 2015. The debtor has been authorized to sell its certain assets to HT Electronics, LLC, the stalking horse bidder for a purchase price of $1.28 million in cash. The debtor’s assets include machinery equipment, inventory, books and files of Tempe Division.

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