C&M Mushrooms in Avondale files for bankruptcy

Entities affiliated with C&M Mushrooms in Avondale have filed for Chapter 11 bankruptcy protection, due to a reduction in business and the inability to make debt payments. The company that trades under the names C&C Entity, Cardile Mushrooms, and Cardile Mushrooms C&M made the bankruptcy filing on Sept. 18.

According to Paul J. Winterhalter, an attorney with Offit Kurman, who represents the mushroom company, the move was mainly forced by secured creditors. Cardile Mushrooms and Cardile Mushrooms C&M each listed assets of $0 to $50,000 and liabilities that ranged between $1 million and $10 million. Meanwhile, C&C Entity listed assets and liabilities of under $50,000.

The company, which is owned and operated by brothers who work on a four-generation family mushroom farm, has been in contact with its lenders, which have mostly been cooperative. C&M is now hoping to keep its business operational while going through the reorganization process.

Source: vista.today


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