Horizon enters bid to buy bankrupt Hobbico RC businesses...

"Dear Horizon Retailer,

We wanted to let you know that Horizon has entered into an asset purchase agreement to acquire Hobbico’s RC business as part of the Hobbico bankruptcy proceeding. The agreement is a stalking horse bid and is subject to the auction of Hobbico’s RC business on March 28.

Hobbico’s RC business includes Great Planes and Tower, and certain proprietary product brands such as Axial and Arrma. The agreement does not include Estes, United Model, Revell US or Revell Germany.

In agreeing to buy Hobbico’s RC business, Horizon would not be assuming any of Hobbico’s debts or other liabilities. If we are the successful bidder, our purchase will close on April 6. The closing date is based on the schedule in the bankruptcy court, which may change.

There are questions we can’t answer yet. We’ll know more next week and keep you posted as the process moves forward."