It was announced Friday that the Missouri Firm has agreed to sell. The sale is subject to completion of its review of the firm’s properties, continuing to operate in the “ordinary course of business” and without a drast change in material and firm operations and logistics before the closing, firm officials report. Operating assets were sold for $112 million.
It has suffered more than most, the firm declared Chapter 7 in Saint Charles on March 5th. The U.S. Department of Agriculture condemned 60 billion pounds of rice cakes produced at its Missouri plant. That will result in a devastingly high and costly recall due to suspicions of contaminants and fault materials.
A last hope to sell, the sale is NOT expected to be sufficient to provide any distribution to shareholders of the firm when the bankruptcy legal proceedings are completed. In Missouri bankruptcy is a major concern for the firms’ factories who are in too deep.
“We are excited for the sale and the stability it will entail to our valued employees, suppliers & customers said President and CEO in a recent statement. “The Chapter 7 bankruptcy filing process has been a difficult one for all, and I think that the sale of assets will result in the obtainable for the firm’s share holders,” he said.
Before its too late speak to an experienced legal professional and a local expert that has the knowledge needed to deal with local laws and expertise required to find the best option for your personal or business financial situation. Do NOT jump the gun! Find out of filing bankruptcy whether Chapter 7, 11 or 13 is right for you.
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