Under Chapter 7, companies liquidate their assets to repay creditors rather than reorganize. Court documents reveal PCA listed assets in the range of $1 million to $10 million, and liabilities in the same range.
Wednesday, February 18, 2009
Peanut Corp. of America Files Chapter 7 Bankruptcy
Peanut Corporation of America (PCA) filed a Chapter 7 bankruptcy petition in the U.S. Bankruptcy Court for the Western District of Virginia, saying the negative economic effects of the recent Salmonella recalls have been "extremely devastating" to its financial condition, FLEXNEWS reported.
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