Townsends, Inc. and four wholly owned subsidiaries announced that they have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. The company's operations are expected to continue during the bankruptcy process as it explores its strategic alternatives.
"Since 2008, our company has been impacted by record high feed-ingredient costs on the one hand and low chicken pricing on the other," said CEO Frederick B. Beilstein III. "The company's management and its board of directors determined that a Chapter 11 filing was a necessary part of the company’s restructuring. We believe that it will allow us to best serve our stakeholders, including our customers, our vendors and our employees.”
In conjunction with the filing, Townsend is seeking approval to enter into a $52 million debtor-in-possession financing facility, to enable normal operation of its business, including the timely payment of employee wages and other obligations.
- Citric Acid
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