Citing Corn Price Surge, Townsends Files For Ch. 11

Law360, New York (December 20, 2010, 5:06 PM EST) -- Poultry processor Townsends Inc. has filed for bankruptcy protection, claiming that the rising cost of corn coupled with a steep drop in the price of poultry products helped drive the family-owned business into Chapter 11.

The company — which filed for Chapter 11 Sunday in the U.S. Bankruptcy Court for the District of Delaware — said it is also seeking approval from the bankruptcy court to enter into a $52 million debtor-in-possession financing facility to allow normal business operations to continue throughout the Chapter 11 process....
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