US soup maker Soupman said yesterday (13 June) it had filed for Chapter 11 bankruptcy protection, but will continue its usual business operations after securing a US$2m debt-in-possession credit facility.
The owner of the Original Soupman brand said the credit facility, from “an independent third-party private investment firm”, would finance the firm’s working capital needs.
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Soupman said Michael Wyse of Wyse Advisors has been hired as chief restructuring officer and interim CFO.
Soupman CEO Jamie Karson said: “The combination of legacy liabilities and recent company developments have made it necessary to seek bankruptcy protection. This will ensure that our delicious soups remain on grocery shelves throughout the country which is in the best interests of all of our stakeholders and customers.”
Karson added: “We anticipate that there will be no disruption in the quality of our product or service that we provide to our vendors and customers during this transition period.”
