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Portales’ Sunland ceases operations, files Chapter 7 bankruptcy
http://www.galvestondailynews.com/news_ap/nation/article_85ce8dcb-1c9a-517e-a168-265e395927e5.html
An eastern New Mexico peanut butter plant involved in a
nationwide salmonella outbreak last year closed its doors and filed for
bankruptcy Wednesday.
Officials with Sunland Inc., the nation's largest organic peanut
butter processor, said "ongoing financial and liquidity challenges made
it necessary for the company to file for bankruptcy under Chapter 7 of
the bankruptcy code."
Chapter 7 means the company shuts down and
liquidates its assets. According to the bankruptcy filing, Sunland has
an estimated $10 million to $50 million in assets, $50 million to $100
million in liabilities and 1,000 to 5,000 creditors.
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