New Meatco Provisions closes, sells assets
May 1, 2013
by Meat&Poultry Staff
LOS ANGELES – New Meatco Provisions, LLC sold some of its assets to Harvest Meat Company, Inc. after encountering financial troubles that ultimately forced the company the close. Harvest also bought Meatco’s remaining accounts receivable and will collect the accounts for a reasonable fee.
"In November 2012, Meatco defaulted on its secured loan obligations," the company said in a statement. "In connection with the defaults, Meatco entered into a forbearance agreement with its lenders to gain time to attempt to cure the defaults, hiring a financial advisor to assist Meatco with seeking new business and capital, maximizing revenue, and reducing costs."
Despite these initiatives, the company continued to experience financial problems. Meatco executives decided to shut down all of the company's operations and sell its assets to highest bidder.
Meatco Provisions was a distributor of beef, pork, poultry and seafood in the greater Los Angeles area.