Javo® Beverage Co., Inc., a provider of premium dispensable coffee and tea-based beverages to the foodservice industry, announced its successful emergence from its Chapter 11 restructuring today.
On Jan. 24, 2011, Javo filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code in the District of Delaware. In less than 100 days, on April 28, 2011, the Honorable Brendan L. Shannon, United States Bankruptcy Judge, entered an order confirming Javo's plan of reorganization. Javo's plan of reorganization received the unanimous support of the creditors voting for the plan.
"Emerging from bankruptcy with good liquidity and a stronger capital structure, Javo is well positioned for the future," said Stan Greanias, Javo's chief executive officer in a prepared statement. "We worked hard to maximize value for all stakeholders. We cannot thank our dedicated employees, customers, and trade partners enough for making this restructuring a success. It was truly a team effort," Greanias added.
As reorganized, Javo is now a private company, no longer subject to the reporting requirements of the Securities and Exchange Act of 1934, with the majority of its stock owned by Coffee Holdings, an affiliate of Falconhead Capital. Under the plan of reorganization, trade creditors will be paid in full.
"It is satisfying to see Chapter 11 used as it is intended with a restructuring that rationalizes the balance sheet, preserves jobs and a vibrant business," said Debra Riley of Allen Matkins, counsel for Javo.
Falconhead Capital was represented in the reorganization by Charles I. Weissman and Brian E. Greer of Dechert LLP.
Further details may be accessed at the company's restructuring website, www.kccllc.net/JavoBevCo.