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Revell-Germany Reaffirms Continuity and Solidity of Overall Business Operations
Group Parent Company Hobbico, Inc. Files Petition for Chapter 11 Relief in United States and Pursues Sale;
Revell-Germany Confirms No Impact to Vendors, Suppliers and Customers Throughout Process.
BUNDE, Germany - January 11, 2018
Revell-Germany announced that its parent company, Hobbico, Inc. ("Hobbico") filed a petition for relief under Chapter 11 of the United States Bankruptcy Code while it seeks an orderly finalization and implementation of its comprehensive restructuring plan. In conjunction, Hobbico also announced its plan to sell the company.
Because Hobbico's bankruptcy filing was made in the United States and is strictly limited to the company's U.S. operations, Revell-Germany is unaffected. Additionally, Revell-Germany suppliers, vendors and customers will not be impacted by the process.
"Our Revell-Germany operation is not filing for bankruptcy protection" said Louis Brownstone, President of Hobbico, Inc.
"It will continue to provide the same high-level of service to our customers. We are optimistic that the filing will better position the U.S. operations for future growth."
"Most important for all of us at Revell-Germany, we continue to operate 'business as usual' moving forward," said Stefan Krings, President of Revell-Germany.
"Looking ahead, our top priorities remain continuing to build our business with our high-valued vendors and suppliers, while simultaneously providing the same high-level of product support to our customers."
Although Revell-Germany is not part of the filing in the United States and will continue to operate its business, the sale of Hobbico could have future implications for Revell-Germany. The decision by Hobbico to file for bankruptcy and pursue a sale of the company allows Hobbico the opportunity to reduce their debts, restructure their liabilities, attract new capital investment and position the overall company for future growth.
From January 31 to February 04, 2018, Revell will be present at the Nuremberg Toy Fair presenting its new products for 2018.