R/C Products Distributor Hobbico Files for Bankruptcy

Hobbico Inc., a major U.S. distributor of R/C and general hobby products, including drones, has filed a petition for relief under Chapter 11 of the United States Bankruptcy Code while it seeks an orderly finalization and implementation of its comprehensive restructuring plan.

The petition was filed on Wednesday with the United States Bankruptcy Court – Wilmington of Delaware. In conjunction, Hobbico also announced its plan to sell the company.

Founded in 1985, Hobbico, whose corporate headquarters are in Champaign, Ill., says its debt has added too much leverage for the company, and it has...

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