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Peanut Corp. of America Files Chapter 7 Bankruptcy
February 16, 2009
1 Min Read
NEW YORKOn Feb. 13, 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.
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.
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