Expects to Emerge from Chapter 11 in the Coming Weeks
Operating Business as Usual with Vendors, Customers and Employees;
Facilities and Distribution Centers Remain Open and Fulfilling Orders
MERIDIAN, Idaho–(BUSINESS WIRE)–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.
Meaghan Repko / Dan Moore
Joele Frank Wilkinson Brimmer Katcher