Arctic Glacier Inc., a producer, marketer and distributor of packaged ice to consumers in the U.S. and Canada, filed for bankruptcy protection in the U.S.
The company, based in Winnipeg, Manitoba, listed both debt and assets of more than $100 million in Chapter 15 documents filed today in U.S. Bankruptcy Court in Wilmington, Delaware. Chapter 15 protects foreign companies from U.S. lawsuits and creditor claims while a company reorganizes abroad.
“We believe that a court-supervised recapitalization of Arctic Glacier’s business is the best method available to secure its future,” Keith McMahon, chief executive officer of Arctic Glacier, said in a statement.
Arctic Glacier Income Fund, through its operating company, Arctic Glacier Inc., operates 39 production plants and 48 distribution facilities across Canada and the northeastern, central and western United States, according to its website. Arctic Glacier Income Fund also sought protection.
The company is seeking recognition of the proceedings initiated in the Manitoba Court of Queens Bench by the U.S. Bankruptcy Court to act as a foreign main proceeding in the company’s reorganization.
The case is In re Arctic Glacier Inc., 12-10603, U.S. Bankruptcy Court, District of Delaware (Wilmington).