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Soupman of "Seinfeld" Fame Files Chapter 11, Obtains $2MM DIP

June 14, 2017, 07:59 AM
Filed Under: Bankruptcy

Soupman, Inc., a producer and marketer of high-quality branded soups bearing the name "Original Soupman" announced that it has filed for Chapter 11 bankruptcy protection.

SM also announced it has secured a new $2 million debtor-in-possession credit facility (DIP) from an independent third-party private investment firm to finance its working capital needs and allow business operations to continue as normal.

In court filings the company, which gained famed for licensing the "Soup Nazi" character to the television show "Seinfeld," reported that it has $1,371,430 in assets and total debts of $11,822,132.

Michael Wyse of Wyse Advisors, LLC has been hired as Chief Restructuring Officer and Interim Chief Financial Officer of SM.

"The combination of legacy liabilities and recent company developments have made it necessary to seek bankruptcy protection. This will ensure that our delicious soups remain on grocery shelves throughout the country which is in the best interests of all of our stakeholders and customers."

"The ongoing support from our lender through our new DIP facility will allow us to continue business operations as normal. We anticipate that there will be no disruption in the quality of our product or service that we provide to our vendors and customers during this transition period," said Jamie Karson, CEO.

The  Chapter 11 petition was filed in the United States Bankruptcy Court in Delaware.  The law firm of Polsinelli is advising SM as bankruptcy counsel.

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