Meal preparer Orval Kent Food Co. and parent Chef Solutions Inc. filed for Chapter 11 bankruptcy protection Tuesday with a plan to sell their assets, according to the Wall Street Journal.
The companies reported assets and debt between $100 million and $500 million in their bankruptcy petitions, filed with the U.S. Bankruptcy Court in Wilmington, Del.
Court papers show they’ve lined up to $38 million in proposed bankruptcy financing from Wells Fargo & Co.’s (WFC) capital finance unit and Reser’s Fine Foods Inc., which will enable the companies to continue operating throughout the case.
Chef Solutions’ Orval Kent provides prepared foods like salads, mashed potatoes, fresh-cut fruit and salad dressing to the retail and food-service industries.
Calls to company representatives were not immediately returned today.