Phoenix-based bakery Noble Bread and its associated restaurant, Noble Eatery, have filed for Chapter 11 bankruptcy protection. The owner of the companies directed the blame for the financial missteps toward its former bookkeeper.
On May 29, Noble Goodness LLC, which does business as Noble Bread, and four other related companies, filed voluntary petitions in the U.S. Bankruptcy Court for the District of Arizona. A Chapter 11 bankruptcy allows the business to continue operating while restructuring its debt, rather than a Chapter 7 filing which typically leads to a complete liquidation of the company.
Noble’s decision to file for Chapter 11 protection was strategic and not forced, Jason Raducha, the owner of Noble Bread, said in a statement sent to the Business Journal. The company will not be shutting down or liquidating assets during bankruptcy proceedings.
Across the five limited liability companies that filed Chapter 11, Noble has $6.9 million in debt, according to documents filed in bankruptcy court. The companies have assets valued at a combined $3.4 million. It also has dozens of creditors, including an SBA Economic Injury Disaster Loan of $2 million.
This story is posted in partnership with Phoenix Business Journal. Click to read the full story.
The post Phoenix bakery Noble Bread seeks restructuring through Chapter 11 bankruptcy appeared first on KTAR.
