>
  1. How to use GuruFocus - Tutorials
  2. What Is in the GuruFocus Premium Membership?
  3. A DIY Guide on How to Invest Using Guru Strategies
Marketwired
Marketwired
Articles 

HUTN Inc. Announces Director Resignation

April 08, 2019 | About:

SPRINGFIELD, Ohio, April 08, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- HUTN Inc. (HUTN) today announced the resignation of Christopher Daniels from the Board of Directors, following Daniels’ resignation last month as CEO and interim CFO. The Company’s financial restructuring efforts are continuing with the goal of attempting to stabilize the Company’s financial condition while the Board of Directors considers strategic alternatives to include a merger partner or sale of selected Company assets or subsidiaries. The previously announced offer whereby designated unsecured creditors could exchange debt for Company stock has been withdrawn.

The Company has ceased normal operations and embarked on efforts to identify potential merger partners and/or acquirers for selected Company assets, and to attract additional tenants for the Company’s One Main Street property. In parallel, the Company is in discussions with both PS Funding, which holds a $4.65 million mortgage on the Company’s building at One Main Street, Springfield Ohio, and Spring Forward which holds a $7.5 million unsecured Note from the Company about restructuring both those obligations and curing its current defaults under them. There is no assurance that these efforts will be successful. A default by the Company's subsidiary, HUTN Group Inc., on certain Notes held by JP Morgan was satisfied by collateral provided under a personal guaranty by the Company’s Chairman.

The Board is currently seeking candidates to serve as acting CEO while a replacement for Daniels is found. The Board has agreed to accept a loan from its Chairman to be used to pay certain past due obligations and to provide interim funding to the Company during this restructuring period.

Contact Board of Directors
Company HUTN Inc.
Email [email protected]
ti?nf=NzU4MTg4NiMyODY3NDM5IzUwMDA0ODE4MA

Rating: 0.0/5 (0 votes)

Comments

Please leave your comment:



Performances of the stocks mentioned by Marketwired


User Generated Screeners


pjmason14Momentum
pascal.van.garsseHigh FCF-M2
kosalmmuse6
kosalmmuseBest one1
DBrizanall 2019Feb26
kosalmmuseBest one
DBrizanall 2019Feb25
kosalmmuseNice
kosalmmusehan
MsDale*52-Week Low
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)