Dried pasta maker New World Pasta has announced that it has appointed a new chief executive officer, that it has successfully emerged from its Chapter 11 reorganization proceedings and that it has completed its new financing and credit agreements with Morgan Stanley Senior Funding Inc, GE Capital Markets Inc and Wells Fargo Foothill Inc.

Scott Greenwood has been named as the new chief executive officer of the company.  Greenwood’s most recent position before New World Pasta was US president of Puratos Corporation, a worldwide supplier to bakery and patisserie customers. 

“We are delighted that Scott has decided to join New World Pasta,” said Paul S Levy, founder of JLL Partners Inc. and the chairman of the company’s board of directors, said. “He brings to our Company a track record of success, with a demonstrated ability to focus on the operational and functional disciplines which provide the platform for the near-term, while at the same time developing and implementing a longer-range strategic vision.”

New World Pasta also announced that, a little more than eighteen months after filing for a voluntary restructuring under Chapter 11, the company has successfully exited Chapter 11.  As part of the exit, the company finalized US$240m in new financing from Morgan Stanley Senior Funding Inc, GE Capital Markets Inc and Wells Fargo Foothill Inc.

“New World Pasta emerges from its restructuring under Chapter 11 as a reinvigorated company,” said new CEO Scott Greenwood.  “We will continue to focus on profitable business, efficient operations and disciplined decision-making.  Our leading and well-known brands of pasta and noodles like Healthy Harvest, Ronzoni, San Giorgio, Creamette, American Beauty and Catelli make us the largest branded pasta maker in North America, and they provide us further opportunities for profitable growth.  This is an exciting time for New World Pasta, and I’m looking forward to being part of it.”