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Wong Potatoes Files Chapter 11 Bankruptcy

Privately-held Wong Potatoes, Inc. filed for Chapter 11 protection from the U.S. Bankruptcy Court in the District of Oregon, case number 17-63785. The Company is led by President Daniel George Chin and represented in bankruptcy proceedings by Thomas W. Stilley of Sussman Shank.

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Wong Potatoes is a family-owned business located in Oregon’s Klamath basin. The Company has been growing, packing and shipping high quality potatoes since 1930 throughout the U.S., Mexico, Canada, and Pacific Rim countries. The Company produces 16 varieties of organic potatoes on nearly 5,000 acres.

According to documents filed with the court, “Until approximately 2014, the Debtors had a long history of profitability. In 2014, the Debtors began to experience problems in crop quality and yield, which coupled with suppressed pricing for potatoes and other crops, caused the Debtors to incur operating losses. Many of these problems continued into 2015, resulting in the Debtors being unable to make required payments on their 2014 and 2015 crop loans to FCS.”

Court-filed documents continue, “The Debtors returned to profitability in 2016, turning an operating profit of approximately $3,200,000. In 2017, the Debtors saw even better results with an anticipated operating profit of $4,138,845….When FCS was unwilling to continue the foreclosure sale to a later date, the Debtors were forced to file their Chapter 11 petitions to stop the foreclosure sale and preserve their assets for the benefit of their bankruptcy estates.”

The Company cites estimated assets and liabilities of $1 to $10 million.

Read more bankruptcy news.

Article source: https://bankruptcompanynews.com/bankruptcy-news-12-28-17/

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