Lowenstein Sandler has been selected as counsel to the Official Committee of Unsecured Creditors in the Chapter 11 case of Gold Standard Baking LLC, one of the nation’s largest industrial bakers. With over 300 full time employees, Gold Standard produces more than 1.7 million pounds of baked goods per week.
The company reports $100 million to $500 million in both assets and liabilities.
The Chicago-based company and two related debtors filed for bankruptcy protection on June 22 in the U.S. Bankruptcy Court for the District of Delaware, and will seek to close a sale through a court-supervised auction by August, 2022. The debtors cited the COVID-19 pandemic for exacerbating worker shortages, as well as high debt and rising material costs, as reasons for their financial troubles.
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