Haydale puts US unit into bankruptcy, seeks to sell and focus on UK graphene-related business

Haydale Graphene has reportedly announced that it has initiated a corporate insolvency process for its US subsidiary Haydale Ceramic Technologies (HCT) under chapter 11 of the US Bankruptcy Code. The company said it had filed the necessary documents in the state of Georgia, with a court hearing expected in the coming days to formalize the proceedings.

As part of the process, Haydale said it planned to sell HCT's assets through a court-supervised public auction, as it said it saw that as the best route to maximize asset value and recover cash for the parent company, which has a £12.8 million intercompany debtor balance tied to its US operations. While several third-party firms had expressed interest in acquiring HCT's assets, there was no guarantee of financial recovery.

 

HCT, based in Greer, South Carolina, operates Haydale’s silicon carbide and cutting tool manufacturing business, with sales offices serving North America, Europe, and East Asia.

The decision to divest followed a strategic review by Haydale’s reconstituted board, which said it had determined that prior management’s expectations for US growth were overly optimistic. Haydale said the move was part of its broader restructuring, which included the previously-announced sale of its South Korean subsidiary and its recent exit from Thailand.

The group said it would now focus exclusively on its UK-based nanomaterials business, which integrates graphene and other advanced materials into industrial and commercial applications.

Posted: Feb 13,2025 by Roni Peleg