In re NutraCea
Chapter 11 Voluntary Petition
SUMMARY: NutraCea, a "world leader in stabilized rice bran (SRB) nutrient research and technology," voluntarily filed for chapter 11 bankruptcy protection in Arizona on Tuesday. The company, headquartered in Phoenix, sought court approval for a $6.75 million debtor-in-possession (or DIP) financing facility to be provided by Wells Fargo Bank, N.A.
Today's bankruptcy filing excluded all of NutraCea's subsidiaries, including Irgovel, its Brazilian rice bran oil operation. In a press release announcing the filing, NutraCea stated that it "plans to use the protection provided by the courts under Chapter 11 to restructure its operations, reduce overhead and sell non-core assets, in line with the previously announced strategy of focusing on its core businesses of stabilized rice bran, rice bran oil, nutraceuticals and baby cereal." The company is represented in the bankruptcy case by Forrester, Worth & Green PLLC.
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