Salmonella-hit peanut company files for bankruptcy

[UpInArms]

Source: Reuters via Yahoo

NEW YORK (Reuters) – Peanut Corp of America sought bankruptcy protection on Friday after product recalls linked to a salmonella outbreak.

The company 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 recalls have been "extremely devastating" to its financial condition.

The company listed assets in the range of $1 million to $10 million and liabilities in the same range, according to court documents.

Under U.S. bankruptcy laws, Chapter 7 bankruptcy allows for a plan of liquidation.

A salmonella outbreak that has sickened 600 people and been linked to nine deaths, has been traced to a plant in Blakely, Georgia operated by Peanut Corp of America.

Read more: http://news.yahoo.com/s/nm/20090213/bs_nm/us_peanutcorp_bankruptcy

---

they're probably trying to liquidate all their assets before the wrongful death suits get filed

[Happyhippychick]

1. You mean supplying death peanuts isn't profitable? Who knew?

[fasttense]

2. Hey Republicons, when are you going to give Peanut Corp of America a bailout.

They aren't unionized so that should make your day.

[trthnd4jstc]

3. Yep! There needs to be criminal negligence charges against the plant manager...

...then there can be a court injuction against any liquid assets being disbursed.

[Grinchie]

4. Lets hope this is a prelude to Monsanto's demise for GMO Corn.

Of course, Monsanto is "Too Big To Fail" because it employ's so many government officials, supports the toxic Military Industrial complax, and is the source for Chemical weapons as soon as the Military deems it necessary.

Support mandatory labeling of GMO ingrediants in opur food, and we will be one step closer to killing these predatory Corporations once and for all.

[DebbieCDC]

5. Oh gee, how convenient

Right before the lawsuits start being filed. Those bastards should have to eat their own rotten products, like the Congressman (name?) tried to make Mr. I Plead The Fifth do the other day during the hearing.

[ShockediSay]

6. No wonder repugs don't want to see spending on big government

That spending takes away from the profits of of Mr Peanut Parnell
and allows government to protect us from those businesses of his kind
from his poisonous {literally}
marketing and business practices