Court approves asset sale of Hospitality Staffing Solutions to HS Solutions Corporation
Atlanta-based Hospitality Staffing Solutions or HSS said it obtained approval from the Court to sell its assets to HS Solutions Corporation. Hospitality Staffing Solutions, formed in 1990, is a hospitality staffing company which has a team of hotel industry experts working with 4-star and 5-star properties spread out in 32 states and 71 markets across the country. They provide housekeepers, janitors, stewardesses, laundry workers, food and beverage and grounds maintenance staff. In a statement, the company said their service model allows clients to have a continuous staffing of flexibile, full-time employees.
HS Solutions Corporation is a company established by LJC Investments I and other investors like the Littlejohn Opportunities Master Fund and Caymus Equity Partners and Management.
In a statement, HSS said the court-granted approval of the deal will enable them to significantly lower their outstanding indebtedness as well as shed some legacy obligations. The deal will allow them to emerge with the strong financial backing by its new owner, the firm said.
HSS President and Chief Executive Officer Rick Holliday said about the approval, "We are pleased to have been able to get through the process with the continued support of our clients and team members. Personally, I am pleased to be back as CEO helping to lead the organization along with our new partners. As a result of this process, the organization is in a better position to continue to drive our business forward and deliver for our valued customers across the U.S."
HSS had earlier sought bankruptcy protection under Chapter 11 with the US Bankruptcy Court for the District of Delaware to let the sale proceed. The firm said it intends to close the sale and extricate itself from bankruptcy in January next year. HSS continued to support the members of its team and serve its customers without fail throughout the sales process.