Monday, April 2, 2012

AFA Foods Files Bankruptcy Citing ‘Pink Slime’ Coverage

When you're this levered can you really blame pink slime?
AFA Foods, a ground-beef processor owned by Yucaipa Cos., sought bankruptcy court protection with a plan to sell some assets after media coverage of “pink slime” cut demand for its products.  
The company, based in King of Prussia, Pennsylvania, listed assets of $219 million and debt of $197 million in Chapter 11 papers filed today in U.S. Bankruptcy Court in Wilmington, Delaware.