Food Prep Co. Seeks To Carve Off Assets In Ch. 11

Law360, New York (October 4, 2011, 3:52 PM EDT) -- Prepared foods provider Orval Kent Food Co. and parent Chef Solutions Inc. filed for Chapter 11 bankruptcy Tuesday, saying in a bare-bones filing in Delaware court that they expect to sell most of their assets to pay creditors.

The companies reported assets and debt between $100 million and $500 million in their bankruptcy petitions and said they have at least 1,000 creditors.

Court papers show the companies owe their 20 biggest creditors more than $15 million, topped by a disputed $2.4 million lease obligation owed to...
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