On June 22, 2022, Chicago, IL-based baked goods manufacturer Gold Standard Baking filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10559) along with two affiliates. According to the board resolutions attached to the petition, the debtors have obtained a commitment for DIP financing in an undisclosed amount from prepetition secured lender 37 Baking Holdings LLC. The company established a special restructuring committee in advance of the filing, which, together with co-debtor Gold Standard Holdings Inc. (the sole equity holder of Gold Standard Baking), have determined to enter into an asset purchase agreement with the prepetition secured lender for a sale of the company. Gold Standard Baking reports $100 to $500 million in both assets and liabilities.
Cole Schotz does not represent the Debtors in this case. We are posting this for informational purposes only. If you have received a notice and have any questions, you should contact Debtors’ counsel.
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