BOLINGBROOK, Ill. – Quantum Foods filed for Chapter 11 bankruptcy protection and announced the company is in final negotiations for a sale of its assets to CTI Foods Holding Co., LLC.
Quantum Foods received $60 million in debtor-in-possession financing from its current lending group to fund ongoing operations. The company expects to continue buying goods and services from suppliers, while claims made before the Chapter 11 filing will be addressed as part of the bankruptcy process.
has emerged as a leading candidate to acquire Quantum Foods' assets. The company said in a news release that CTI Foods and its seven manufacturing facilities would provide a strong infrastructure for Quantum Foods. Wilder, Idaho-based CTI Foods is a privately held foodservice supplier specializing in raw and pre-cooked proteins, soups, sauces and dehydrated beans. The company has operations in Idaho, California, Kentucky and Texas and employs more than 1,000 workers.
“As an industry leading protein processor, Quantum’s well-established and long-standing customer relationships, diverse product offerings and demonstrated focus on quality and safety are recognized as significant value to buyers,” said Edward B. Bleka, CEO, founder and sole owner of Quantum Foods.
“With enhanced financial backing, Quantum expects to fully deliver on its historic commitment to fulfilling the needs of our customers efficiently, safely and always with superior quality and service.
“We believe the completion of the sale process will enable us to focus effectively on caring for our customers, vendor partners and employees, who have all been incredibly supportive to the company,” he added.
Quantum Foods is a custom manufacturer and processor of value-added protein products such as portion controlled, ready-to-cook and value-added fully cooked foods made from beef, poultry and pork.