Courtesy / Sure Winner Foods
Keith Benoit is CEO of Sure Winner Foods, based in Saco.
June 19, 2019
Sure Winner Foods emerges from Chapter 11
By Staff
Saco-based Sure Winner Foods, which in May petitioned for Chapter 11 bankruptcy protection, received a dismissal of its case after promising to pay all of its pre-filing debts by Aug. 15, according to a news release Tuesday.
The bankruptcy filing was necessary because of “unilateral acts by a major supplier to the company,” Sure Winner CEO Keith Benoit said last month. Benoit declined to name the supplier, but said the acts represented a breach of contract with his company.
In Tuesday’s release, he said, “Sure Winner Foods will exit its restructuring to return to normal business operations immediately as a consequence of mutually beneficial agreements, which have been consummated with a number of Sure Winner Foods strategic partners.”
Sure Winner had expected to emerge from Chapter 11 quickly, and secured financing from KeyBank for its ongoing operations. Chapter 11 of the federal Bankruptcy Code is designed to provide businesses and consumers with the time to reorganize their finances.
The process “has allowed our organization to begin to reshape and adapt to a changing business landscape for the future,” Benoit said Tuesday.
With over 250 employees, Sure Winner is one of the largest frozen food distributors in the northeastern United States, according to the company. Founded in 1979 to deliver ice cream in northern Maine, it now handles frozen food, ice cream and novelties, with over 2,000 selected items from over 40 different manufacturers.
Most Recent
Most Recent
0 Comments