Swift Response Helps Bankruptcy Client

Client:	Hydraulic Technologies, Inc.
Representation:	Chapter 11 filing and Section 363 Sale
Date:	July 2, 2007 – Chapter 11 Filing; September 12, 2007 – Consummation of Section 363 Sale of Assets
Locations:	Galion, Ohio; United States Bankruptcy Court for the Northern District of Ohio

Summary:

Schiff Hardin LLP represented its client, Hydraulic Technologies, Inc., a manufacturer of hydraulic cylinders for original equipment manufacturers located in Galion, Ohio, in a Chapter 11 filing and a Section 363 sale of substantially all of its assets under the U.S. Bankruptcy Code.

Despite intense pressure from creditors, Schiff Hardin attorneys obtained court approval for an auction process and sale of Hydraulic Technologies, and consummated that sale, within in a five-week period.

As a result of Schiff Hardin's rapid response to Hydraulic Technologies' creditor problems, assets of the bankruptcy estate were preserved, and the business of Hydraulic Technologies was sold as a going concern, preserving a significant number of union jobs in an area challenged by high unemployment.