A US district court has ruled in favour of US food company Campbell Soup in a lawsuit that was brought against Campbell and several of its subsidiaries in February 2002 by an entity representing the interests of the unsecured creditors of Vlasic Foods International.
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“The District Court has ruled in favour of Campbell, finding that Vlasic Foods, a company spun off by Campbell in March 1998, was solvent at the time of the spin off transaction, and that Campbell is not liable to the plaintiff for the claims of Vlasic’s unsecured creditors or for any other claims or damages,” said Campbell.
“We are gratified by this decision. We believed that when all the facts were known and the trial was concluded, our position would be confirmed,” the company added.
Creditors had accused Campbell of putting its unprofitable lines of business into Vlasic Foods and sending it into the market with a poor chance of survival.
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By GlobalData
