CTI Foods Files $406 Million Debt-Cutting Bankruptcy

MERIDIAN, Idaho–(BUSINESS WIRE)–Mar 11, 2019–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 it has reached an agreement with the majority of its lenders on a comprehensive balance sheet restructuring that will reduce the Company’s debt by more than $400 million and provide significant financial flexibility to support continued investments by the Company on behalf of its customers. To implement the restructuring plan, the Company filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the District of Delaware along with a pre-packaged plan of reorganization with the support of its major stakeholders, including members of an ad hoc group of creditors holding CTI’s first lien and second lien term loan debt (the “Ad Hoc Group”) and equity holders.