CTI Foods Plan of Reorganization Confirmed by Court
MERIDIAN, Idaho--(BUSINESS WIRE)--Apr 18, 2019--CTI Foods (“CTI” or the “Company”), a leading custom foodservice manufacturer supplying the top U.S. restaurant chains and branded food companies, today announced that the U.S. Bankruptcy Court for the District of Delaware has confirmed the Company’s Plan of Reorganization. The Company expects to complete its restructuring and successfully emerge from Chapter 11 in the coming weeks.
Upon emergence, the Company will reduce its debt by more than $400 million, providing significant financial flexibility to support continued investments on behalf of its customers.
“We are pleased to have reached this important milestone in our expedited, pre-packaged restructuring process,” said Mike Buccheri, President and Chief Executive Officer of CTI. “On behalf of the entire CTI team, I want to express our gratitude to our customers, vendors, lenders and equity sponsors for their continued support over the past several months. We remain committed to providing customers the custom food and culinary solutions they expect from CTI, and look forward to soon emerging from this process with increased financial flexibility and positioned for long-term growth.”
Court filings and information about the claims process are available at https://cases.primeclerk.com/CTIFoods, by calling the Company’s claims agent, Prime Clerk, toll-free in the U.S. and Canada at 844-339-4265 (or +1-929-272-0423 for international calls) or by sending an email to CTIinfo@primeclerk.com.
Weil, Gotshal & Manges LLP is serving as legal advisor, Centerview Partners LLC is serving as financial advisor and AlixPartners is serving as restructuring advisor to CTI.
Davis Polk & Wardwell LLP is serving as legal advisor and Evercore Group L.L.C. is serving as financial advisor to the Ad Hoc Group.
About CTI Foods
CTI Foods is a culinary-driven company that offers a diverse range of custom food solutions to the foodservice and restaurant industries, including raw and pre-cooked protein, soups and sauces and dehydrated beans. CTI Foods has seven state-of-the-art food processing facilities and has over 1,500 employees at its California, Idaho, Iowa, Kentucky, Pennsylvania, and Texas locations.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190418005776/en/
CONTACT: Meaghan Repko / Dan Moore
Joele Frank Wilkinson Brimmer Katcher
KEYWORD: UNITED STATES NORTH AMERICA DELAWARE IDAHO
INDUSTRY KEYWORD: SUPPLY CHAIN MANAGEMENT RESTAURANT/BAR MANUFACTURING OTHER MANUFACTURING PROFESSIONAL SERVICES LEGAL RETAIL SUPERMARKET
SOURCE: CTI Foods
Copyright Business Wire 2019.
PUB: 04/18/2019 05:18 PM/DISC: 04/18/2019 05:18 PM