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Mon October 28, 2013
Arkansas Canner Allens Wants To Reorganize Its Debt
Arkansas-based Allens Inc. has filed paperwork seeking to reorganize its debt under federal bankruptcy laws and announced plans to sell its frozen vegetables business.
Arkansas Business reported Monday that Allens listed debts of between $100 million and $500 million.
In a statement, the 87-year-old Siloam Springs-based company said it wants to use its Chapter 11 bankruptcy filing to reorganize into a stronger, more competitive business that concentrates on canned vegetables.
It said it is seeking a buyer for its frozen vegetables business in Montezuma, Ga.
The company sells vegetables under the Allens, Princella, Freshlike and Royal Prince labels.
Allens said its first- and second-lien lenders support the reorganization. It has been closing or selling plants since 2011 to concentrate on what it called its "core business."