Harbor Custom Development Shares Hit 52-Week Low After Bankruptcy Filing

Dow Jones

Dec 13, 2023

By Chris Wack

Harbor Custom Development shares were down 28% to 49 cents after the company and certain wholly owned subsidiaries on Monday voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code to pursue an orderly wind down or restructuring of its business.

The stock hit its 52-week low of 39 cents earlier in the session, and is down 93% in the past 12 months.

The company filed a number of customary first day motions with the bankruptcy court that will allow it to continue operating in the ordinary course of business while it prepares a plan of reorganization to ensure that it can maximize value for the benefit of its creditors.

Harbor Custom said it will continue to market and sell finished lots and homes and to operate multi-family projects as they work towards stabilization.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

December 12, 2023 11:04 ET (16:04 GMT)

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