CTI Foods, a leading custom foodservice manufacturer supplying top U.S. restaurant chains and branded food companies, today announced that it has successfully completed its financial restructuring and emerged from Chapter 11. Through the expedited eight-week process, CTI has reduced its debt by more than $400 million and is moving forward with approximately $110 million of committed exit financing from a new ABL facility, providing significant financial flexibility to support continued investments on behalf of its customers.
“Today marks the beginning of the next chapter for CTI Foods as an even stronger company,” said Mike Buccheri, President and Chief Executive Officer of CTI. “Through this process and with the support of our new sponsors, we have improved our capital structure and significantly reduced our debt. CTI Foods is now well positioned to build on our core business through increased investments in innovation, product development, and food safety. As always, we will continue to focus on CTI’s core mission of delivering exceptional custom foods and culinary solutions to drive our customers’ growth goals.”