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Chapter 7 bankruptcy filed by peanut butter manufacturer

As of the week of Oct. 9, fans of organic peanut butter will have to look elsewhere for their product, according to local business news. Sunland Inc., known to South Carolina peanut butter aficionados as the country's largest manufacturer of the organic spread, filed for Chapter 7 bankruptcy and closed the doors on its manufacturing plant. The decision was mourned by the local mayor's office, who called the company a boon to the community, but it is hoped the financial freedom this affords the owners will allow them to start fresh in their chosen business.

Sunland listed $50 million to $100 million in debts, compared to only $10 million to $50 million in assets, prompting the company to seek the bankruptcy option. The liquidation afforded by the Chapter 7 will free up funds to pay off the estimated 1,000 to $5,000 creditors owed by the company. The company's CEO has declined comment regarding the decision.

It has been noted, however, that the company suffered a severe setback last year when a salmonella outbreak forced Sunland to recall over 100 different products from all over the nation. Although the plant reopened in March of this year, the company was never able to fully recover from the fiscal loss it sustained during that time. The company's liquidation is currently in progress.

South Carolina business owners know how difficult it can be to bounce back from an unforeseen challenge. Sometimes companies are able to return to previous levels of success while other times they are not. A Chapter 7 filing can be the best decision for a struggling company faced with overwhelming debt, as it protects the finances of the individual business owners and allows them the freedom to try again.

Source: abqjournal.com, Sunland ceases operations, files Chapter 7 bankruptcy, No author, Oct. 9, 2013

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