PARKERSBURG - Mister Bee Potato Chip Co. is seeking Chapter 11 bankruptcy protection.
Parkersburg-based Mister Bee didn't list its assets or liabilities in the Chapter 11 petition filed Nov. 21 in U.S. Bankruptcy Court for the Southern District of West Virginia.
Charleston attorney Marshall Spradling, who is representing the company in the bankruptcy proceedings, said the situation is a typical Chapter 11 filing.
"The company is looking for a fresh start," he said of efforts to reorganize the business. "The goal of the reorganization is to get the business operating again."
Mister Bee President Doug Klein had said the company is looking to reorganize and take on a new investor, Spradling said.
"They are looking for investors to help with cash flow," Spradling said.
The company had experienced production, product flow problems and other concerns in recent months.
According to court filings, the company's largest unsecured creditor is UTZ Quality Foods of Charleston, which is owed $677,623.
A creditors meeting is set for Jan. 1 in Charleston.
"The purpose of the meeting is to propose a plan on how the company will be able to pay its creditors back," Spradling said. "(Filing Chapter 11) gives the company some breathing space to come up with a reorganization plan that is acceptable to the creditors and gives the company the opportunity to get back on their feet."
