MONROE - Alpine Slicing and Cheese Conversion Company of Monroe announced Tuesday it has filed a voluntary petition for reorganization with the federal Bankruptcy Court in the Western District of Wisconsin.
Shirley Knox, corporate secretary of the private label cheese conversion and packaging company, said that while the company is in a good financial position and is current with vendor payments, pending claims from a 2011 recall required the company to file a Chapter 11 petition.
"We have a strong company with great people and wonderful service, and our business operations will continue while we go through this process. However, pending claims related to the recall are such that reorganization is the best alternative for securing a strong future for our company," said Knox, in a statement release late Tuesday. "Business will continue as usual while this takes place, and we anticipate we will continue to employ our entire staff and serve the needs of our customers."
"No one will lose their job, and we expect to meet all our responsibilities to our vendors and customers. We will continue to produce product while this process moves forward. The uncertainty of the pending claims related to the recall has forced our hand," Knox said.
Knox indicated the uncertainty of the recall claims and possible litigation in different locations throughout the country required Alpine to look at a different approach to reorganizing its business to allow it to address legitimate recall claims.
"Filing a reorganization petition is the best way to make sure Alpine stays in business," she said. "While it's been a difficult decision, I am confident our business will continue, and we will work through these challenges and operate as an ongoing entity as the recall claims are resolved."
Knox added that, despite the filing, she has "full faith and confidence that we will continue as a great company, and also will emerge as a stronger enterprise."
Shirley Knox, corporate secretary of the private label cheese conversion and packaging company, said that while the company is in a good financial position and is current with vendor payments, pending claims from a 2011 recall required the company to file a Chapter 11 petition.
"We have a strong company with great people and wonderful service, and our business operations will continue while we go through this process. However, pending claims related to the recall are such that reorganization is the best alternative for securing a strong future for our company," said Knox, in a statement release late Tuesday. "Business will continue as usual while this takes place, and we anticipate we will continue to employ our entire staff and serve the needs of our customers."
"No one will lose their job, and we expect to meet all our responsibilities to our vendors and customers. We will continue to produce product while this process moves forward. The uncertainty of the pending claims related to the recall has forced our hand," Knox said.
Knox indicated the uncertainty of the recall claims and possible litigation in different locations throughout the country required Alpine to look at a different approach to reorganizing its business to allow it to address legitimate recall claims.
"Filing a reorganization petition is the best way to make sure Alpine stays in business," she said. "While it's been a difficult decision, I am confident our business will continue, and we will work through these challenges and operate as an ongoing entity as the recall claims are resolved."
Knox added that, despite the filing, she has "full faith and confidence that we will continue as a great company, and also will emerge as a stronger enterprise."