NutraCea files for bankruptcy
This article was originally published in The Tan Sheet
Executive Summary
The stabilized rice brand nutrient research and technology company files for Chapter 11 bankruptcy protection. In a Nov. 10 release, the Phoenix-based firm says the action allows it to restructure its operations, reduce overhead and sell non-core businesses, in line with its previously discussed focus on core businesses. The filing, which does not include the firm's subsidiaries, also allows the company to access immediate liquidity through a $6.8 million line-of-credit provided by Wells Fargo, N.A. that will enable the firm to carry out day-to-day operations. The firm had to restate its financial reports for the final three quarters of 2007 and all of 2008 after an internal audit determined it improperly recorded revenues from two transactions (1"The Tan Sheet" March 2, 2009)