Integrity Feeds Announces Chapter 11 Reorganization
Dear Valued Customer,
Today marks a defining moment in the reinvention of Integrity Feeds. Critical decisions have now been made that will help ensure that we are able to continue to serve our customers for many years to come. Specifically, in early June of 2012, Integrity Feeds and certain of its affiliated companies commenced voluntary cases under Chapter 11 of the United States Bankruptcy Code. We did so in order to restructure our debt and position our business for continued success.
This difficult and prayerful decision was precipitated by a massive theft in one of our affiliated companies. The scope of this terrible act was significant and the affect was crippling to our ability to cash flow our overall operations.
This financial restructuring represents the next step forward in our efforts to transform Integrity Feeds. Restructuring our balance sheet and recapitalizing the company in partnership with our debt holders will dramatically improve Integrity Feeds ability to compete in a rapidly changing environment. Most importantly, it will allow our employees to continue manufacturing and delivering the best livestock feeds in the industry while providing our customers with first-class support.
We want to thank our customers, in advance, for their continued business. We highly value our customer relationships and look forward to helping them achieve their business objectives for many years to come.
In order to continue providing our customers high-quality products, we fully intend to continue purchasing goods and services from our suppliers in the normal course. We sincerely regret any near-term hardships they may face as we work through this process and hope that they ultimately will obtain longer-term benefits through our continued relationship with their company.
We remain optimistic and excited about the future for Integrity Feeds. Based on the comprehensive Plan of Reorganization that has been established and by the grace of God, this company will not only survive . . . it will flourish.
Thank you for your understanding and support throughout this process.
Kenny Buckman