AFA Foods files for bankruptcy citing 'pink slime'
NEW YORK, N.Y. - Beef products company AFA Foods says it's filing for Chapter 11 bankruptcy protection and selling its assets as a result of the recent media coverage of "pink slime."
AFA says the media coverage of the ammonia-treated filler has led to "changes in the market" for its ground beef products.
The company, based in King of Prussia, Pa., says it secured $56 million in financing from its lenders to fund operations and expects to continue providing customers with ground beef products throughout the process.
The company says it hopes to maintain as many of its supplier relationships as possible with its foodservice and retail companies.
MSN.ca Money's editorial goal is to provide a forum for personal finance and investment ideas. Our articles, columns, message board posts and other features should not be construed as investment advice, nor does their appearance imply an endorsement by Microsoft of any specific security or trading strategy. An investor's best course of action must be based on individual circumstances.
Is now a good time to buy a house?
Thanks for being one of the first people to vote. Results will be available soon. Check for results
- Yes, prices will continue to rise.
- No, Canada is facing a housing bubble and prices will eventually fall.
- I don't know.