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United Premium Foods Purchases Amboy Group Out of Bankruptcy
The Board of Directors of United Premium Foods (“UPF”), a private investment group based in N.J., today announced the company has purchased the Amboy Group, a provider of quality meat and food products, out of bankruptcy. In addition to UPF’s acquisition of Amboy, Amboy Woodbridge Realty, an entity affiliated with UPF, acquired the real property and cold storage business.
“The acquisitions include a state-of-the-art meat processing and cold storage facility, as well as an extremely strong and loyal customer base,” said Jim Kwon, chairman and acting CEO, UPF. “We are confident that with additional working capital, supplemental management and a new operating team, we can improve operating efficiencies while growing the company’s market share and reach. This investment is affirmation of our belief in the strong fundamentals of the business and our confidence in the upside potential of this company...
CTI Foods Plan of Reorganization Confirmed by Court
CTI Foods (“CTI” or the “Company”), a leading custom foodservice manufacturer supplying the top U.S. restaurant chains and branded food companies, today announced that the U.S. Bankruptcy Court for the District of Delaware has confirmed the Company’s Plan of Reorganization. The Company expects to complete its restructuring and successfully emerge from Chapter 11 in the coming weeks.
Upon emergence, the Company will reduce its debt by more than $400 million, providing significant financial flexibility to support continued investments on behalf of its customers.
“We are pleased to have reached this important milestone in our expedited, pre-packaged restructuring process,” said Mike Buccheri, President and Chief Executive Officer of CTI. “On behalf of the entire CTI team, I want to express our gratitude to...
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