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HyLife’s U.S.-based subsidiaries file Chapter 11 bankruptcy
By Sarah Lizee
Olympia, Wash., April 27 – Tritek International Inc. and two affiliated debtors filed Chapter 11 bankruptcy on Thursday in the U.S. Bankruptcy Court for the District of Delaware.
The debtors are U.S.-based subsidiaries of HyLife Foods, a Canadian pork producer.
The companies said in court documents that the Covid-19 pandemic greatly impacted the processing and production of pork across the United States, with effects resonating throughout the pork supply chain.
The debtors said they believe they are well-positioned to enter Chapter 11 and pursue a sale of substantially all their assets, followed by an orderly wind-down of the business through a plan of liquidation.
Tritek has lined up $16 million in junior post-petition financing from its ultimate equity investors, CPF Canada Holdings Corp. and Itochu Corp.
The DIP financing won’t bear interest and won’t carry closing or commitment fees.
The company is seeking interim access to $8 million of the DIP facility and is also seeking approval to access the cash collateral of prepetition secured lenders.
The debtors’ prepetition capital structure includes a $108.7 million secured credit agreement with Compeer Financial as agent.
The debtors reported $100 million to $500 million in assets and $100 million to $500 million in liabilities.
The largest unsecured creditor is Centimark Corp., based in Canonsburg, Pa., with a $1.11 million accounts payable claim.
Katten Muchin Rosenman LLP is acting as general bankruptcy counsel, and Potter Anderson & Corroon LLP is acting as general bankruptcy co-counsel. PricewaterhouseCoopers LLP is financial adviser.
HyLife Foods a pork processor based in La Broquerie, Man. The Chapter 11 case number of Tritek is 23-10520.
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