Money’s Mushrooms Ltd. announced on November 2nd that its US operation, Money’s Foods U.S. Inc, is seeking court protection under Chapter 11 of the U.S. Bankruptcy Code. This filing was made in the Bankruptcy Court for the District of Delaware. This action does not affect the Canadian company’s operations, Money’s Mushrooms Ltd.
Following the recent announcement of the closure of 4 farms in the US the decision to file under chapter 11 was based on the inability of Money’s Foods U.S. Inc to restructure its financial obligations to secured and unsecured creditors. This filing allows Money’s Foods U.S. Inc to operate while it restructures and reorganizes its obligations under the U.S. Bankruptcy Code. In connection with the filing, The Bank of Nova Scotia will provide debtor in possession financing to enable continued operation of the company during the chapter 11 process.

As part of the restructuring process, Jack McGregor, a principal of the turnaround management firm, Crossroads, LLC, has been appointed as President and Chief Executive Officer of Money’s Mushrooms Ltd. and Money’s Foods U.S. Inc, replacing Len Bykowski. Yee Mah, Senior Vice President of Corporate Development is also leaving the company.

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Tim Adlington has been named Chief Operating Officer of Money’s Foods U.S. Inc and Jim Taggart has been appointed Chief Operating Officer of the Canadian companies.

“We have faced some challenging times and our focus is on taking the steps necessary to ensure we have a viable company. We will continue to need the support and hard work of all our employees to do this,” said Jack McGregor, the new President and Chief Executive Officer of Money’s Mushrooms Ltd and Money’s Foods U.S. Inc.

Money’s Mushrooms Ltd. is a North American producer and marketer of fresh mushrooms and mushroom products. The privately held company is headquartered in British Columbia and has 3,000 employees across North America. The US company operates under the name of Money’s Foods U.S. Inc. Information about the company and its products is available at www.moneys.com.

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