Harbor Custom Development (NASDAQ:HCDI) stock is taking a beating on Tuesday after the real estate development company filed for Chapter 11 bankruptcy protection.
According to a press release from Harbor Custom Development, this bankruptcy filing was made voluntarily as the company seeks to either restructure its business or wind down operations. The company has already made the necessary first-day motions to continue normal operations throughout the bankruptcy process.
Harbor Custom Development notes that it is preparing a Plan of Reorganization that will allow it to maximize value for creditors. This will allow it to continue to sell finished homes and lots while also operating multi-family projects.
Jeff Habersetzer, interim CEO of Harbor Custom Development, said the following about the bankruptcy filing:
“The Chapter 11 cases will provide the Company with time and breathing-room needed to market and sell its real estate assets and right-size operations for the benefit of the Company’s creditors and stakeholders.”
HCDI Stock Movement Today
Considering the bankruptcy filing, investors won’t be surprised to see that HCDI stock is falling hard today. That has the company’s shares down 33.6% as of Tuesday morning. Traders will also note that the stock is down 92.6% year-to-date as of Monday’s close.
Investors looking for even more of the most recent stock market stories today are in luck!
We have all of the hottest stock market news worth reading about on Tuesday! A few examples include why shares of Bruush Oral Care (NASDAQ:BRSH) and Icosavax (NASDAQ:ICVX) stock are up today, as well as the biggest pre-market stock movers this morning. All of that news is ready to go at the links below!
More Tuesday Stock Market News
- Why Is Bruush Oral Care (BRSH) Stock Up 18% Today?
- Why Is Icosavax (ICVX) Stock Up 46% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
