New World Pasta Files for Bankruptcy
HARRISBURG, Pa. - Leading dry pasta maker New World Pasta Co. on Monday announced it had filed for Chapter 11 bankruptcy protection.
The Harrisburg, Pa.-based company, which is more than 80 percent-owned by JLL Partners of New York, is struggling with high debt and internal accounting problems that cropped up soon after it purchased one of its largest competitors.
New World Pasta said it obtained a commitment for $45 million in financing that would allow it to operate while in bankruptcy.
"I would stress this is a voluntary filing that will enable us to reorganize, strengthen our financial position and emerge from Chapter 11 ... as quickly as we can," general counsel and v.p. Cary Metz said.
C.e.o. Wynn Willard said that the company's core business activities should continue unimpeded. "We will manufacture and ship our products in the normal course, and our consumers will continue to enjoy our great products on a daily basis," he said.
Among brands of dry pasta the company sells in the United States and Canada are Ronzoni, Creamette, San Giorgio, Prince, American Beauty and Skinner.
The Harrisburg, Pa.-based company, which is more than 80 percent-owned by JLL Partners of New York, is struggling with high debt and internal accounting problems that cropped up soon after it purchased one of its largest competitors.
New World Pasta said it obtained a commitment for $45 million in financing that would allow it to operate while in bankruptcy.
"I would stress this is a voluntary filing that will enable us to reorganize, strengthen our financial position and emerge from Chapter 11 ... as quickly as we can," general counsel and v.p. Cary Metz said.
C.e.o. Wynn Willard said that the company's core business activities should continue unimpeded. "We will manufacture and ship our products in the normal course, and our consumers will continue to enjoy our great products on a daily basis," he said.
Among brands of dry pasta the company sells in the United States and Canada are Ronzoni, Creamette, San Giorgio, Prince, American Beauty and Skinner.