Relevant Document:Voluntary PetitionGold Standard Baking, a Chicago, Ill.-based manufacturer of baked goods, and two affiliates filed for chapter 11 protection today in the Bankruptcy Court for the District of Delaware. The company reports $100 million to $500 million in both assets and liabilities. The debtors are represented by Klehr Harrison Harvey Branzburg LLP as general bankruptcy counsel, Houlihan Lokey Capital as investment banker and Riveron Consulting as financial restructuring advisor. Omni Agent Solutions is the claims and noticing agent. The debtors are seeking joint administration under case number is 22-10559.
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.
The debtors’ largest unsecured creditors are Audax Group, holding $33.47 million in senior subordinated notes and Parallel49 Equity (Fund V) LP, holding $16.31 million in second lien term loans, according to the petition.
As Reorg
previously reported, the company’s term loan matures on July 25 and it was contemplating pursuing a section 363 sale as part of its bankruptcy filing.
Reorg First Day will provide a full summary once the first day briefing is complete.