After evaluating multiple opportunities in the process, a leader emerged with a clear strategy to move Quantum Foods past its financial challenges and onto a path for future success. CTI Foods, with seven existing manufacturing facilities in the US, would provide a strong infrastructure for Quantum going forward.
“As an industry leading protein processor, Quantum’s well-established and longstanding customer relationships, diverse product offerings and demonstrated focus on quality and safety are recognised as significant value to buyers,” said Edward B Bleka, CEO, founder and sole owner of Quantum Foods. “With enhanced financial backing, Quantum expects to fully deliver on its historic commitment to fulfilling the needs of our customers efficiently, safely and always with superior quality and service. We believe the completion of the sale process will enable us to focus effectively on caring for our customers, vendor partners and employees, who have all been incredibly supportive to the company.”
To facilitate the expected sale transaction, Quantum Foods has determined it is best to execute this sales process under the protection of the US Bankruptcy Code. Quantum Foods has thus filed a voluntary Chapter 11 petition in the District of Delaware to obtain the essential financing necessary to preserve continuity for its customers, employees and business partners.
The company has secured a commitment for $60m in debtor-in-possession (DIP) financing from its current lending group led by Crystal Financial to fund its ongoing operations, and fully expects to operate its overall business as usual by continuing to provide customers with safe and high quality protein products throughout this process.
Source: Quantum Foods
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