Oct. 28 (Bloomberg) -- Allens Inc., a maker of canned and frozen vegetables in business since 1926, filed for bankruptcy, seeking to sell some divisions or reorganize as a new company.
A Chapter 11 petition filed today in Fayetteville, Arkansas, listed more than $100 million in debt and assets. The family-owned business began as Allen Canning Co. near Siloam Springs, Arkansas. It survived the Great Depression, going on to become a supplier of canned goods to troops in World War II and an international supplier of North America grown vegetables, according to its website.
Allens said it intends to keep operating its core canned-vegetables business while reorganizing. It has a commitment from lenders for a bankruptcy loan, it said in a statement. It will explore selling all or part of its business and the possibility of exiting bankruptcy as a standalone company.
“Allens has a long and proud history, and we intend to use the reorganization process to become a stronger, more competitive business,” Chief Executive Officer Josh Allen said in the statement.
The company is seeking a buyer for its frozen-vegetables business in Montezuma, Georgia, which specializes in Southern-style and frozen breaded products, it said. Brands include Popeye Spinach, Freshlike, Princella, Royal Prince and Sugary Sam.
Alvarez & Marsal is Allens’s chief restructuring officer, and Lazard Middle Market is its investment banker, according to the company’s statement. Greenburg Traurig LLP and Mitchell, Williams, Selig, Gates & Woodyard PLLC are its legal advisers.
The case is Allens, 13-bk-73597, U.S. Bankruptcy Court, Western District of Arkansas (Fayetteville).
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