NutraCea wins premise move approval
Rice bran specialist, NutraCea, which recently filed for chapter 11 bankruptcy, has received court backing to move to cheaper premises.
"We are pleased with the Court's decision to allow us to quickly move to more cost efficient headquarters,” said NutraCea chief executive officer, W John Short, of the November 30 decision approved by the US Bankruptcy Court for the District of Arizona.
“Our new space is approximately 75 percent smaller and over 80 percent less expensive. This new space will allow us to reduce our headquarters' rent by over $100,000 per month and is just one step in the process of reducing our corporate overhead."
NutraCea filed a voluntary petition under Chapter 11 on November 10, in order to restructure its operations under court supervised protection. That filing did not include any of the Company's subsidiaries.
