NutraCea Emerges from Chapter 11

SCOTTSDALE, Ariz.NutraCea announced it has emerged from Chapter 11 bankruptcy protection effective November 30, 2010. One year ago, NutraCea filed Chapter 11 in order to restructure its operations under court supervised protection.

W. John Short, Chairman and CEO commented: Over the course of the past year, NutraCea has taken full advantage of the opportunities afforded by Chapter 11 of the US Bankruptcy Code to restructure our company and reposition our go-forward businesses. As previously reported, during the past 18 months we sold four non-core assets and used the proceeds to fund our restructuring, pay our DIP lender in full and set aside cash for partial repayment of our unsecured creditors. We have made excellent progress streamlining overheads, reducing debt and increasing profitable sales in our core businesses in the areas of SRB, RBO and related products derived from stabilized rice bran.
In addition, NutraCea announced additions to its management team. Dale Belt was named CFO, Colin Garner came in as SVP- Sales.
NutraCea says it will begin to make distributions to its creditors beginning mid-December and until all claims have been paid in full.