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Castle Law Office Bankruptcy News for Missouri & Illinois | Castle Law Bankruptcy Current Events
Maker of “Equal” Files Gets Approved for Chapter 11 Bankruptcy
Posted on Dec 31, 2009
On December 16, Chicago-based Merisant Worldwide Inc., the manufacturer of the artificial sweetener Equal, announced that a court had approved its reorganization plan under Chapter 11 bankruptcy.
The company is predicting that it could emerge from bankruptcy as soon as January 8, nearly a year after the company filed for Chapter 11, citing declining sales, a large load of debt, and the global credit crisis as factors.
Under Merisant’s plan to reorganize, the company would reduce its debt from $567 million to $147 million, dropping its annual cash interest expense from $36 million to $11 million. As a result of the restructuring, Wayzata Investment Partners, a private equity firm, will become Merisant’s majority and controlling shareholder.
Merisant had previously been largely owned by Pegasus Capital Advisors, another private equity firm.
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