High Technology Consortium Foundation officials believe a plan they've submitted will help the foundation exit bankruptcy and move forward, according to President and CEO Jim Estep, The Exponent Telegram reported yesterday. Due to an increase in occupancy at its facilities and “comprehensive debt restructuring” by BB&T, Estep said the foundation has devised and presented a plan to the U.S. Bankruptcy Court for the Northern District of West Virginia that he believes will be approved. The restructuring plan, which consolidated more than $17 million worth of debt, has “significantly improved" the foundation’s cash flow, Estep said. The foundation was forced to file for bankruptcy when three facilities in its I-79 Technology Park experienced a substantial drop in occupancy, according to Estep. This drop temporarily prevented the organization from making its full debt service payments to Huntington National Bank. In response, Huntington filed a breach-of-contract lawsuit last July that included a plan to liquidate the I-79 Technology Park. The foundation filed for chapter 11 protection in August.
