New Chapter 11 Filing – Gold Standard Baking, LLC.
On June 22, 2022, Chicago, IL-based baked goods manufacturer Gold Standard Baking filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10559) along with two affiliates. According to the board resolutions attached to the petition, the debtors have obtained a commitment for DIP financing in an undisclosed amount from prepetition secured lender 37 Baking Holdings LLC. The company established a special restructuring committee in advance of the filing, which, together with co-debtor Gold Standard Holdings Inc. (the sole equity holder of Gold Standard Baking), have determined to enter into an asset purchase agreement with the prepetition secured lender for a sale of the company. Gold Standard Baking reports $100 to $500 million in both assets and liabilities.
Cole Schotz does not represent the Debtors in this case. We are posting this for informational purposes only. If you have received a notice and have any questions, you should contact Debtors’ counsel.
Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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