Posted: Nov 13, 2009 10:14 AM
Updated: Nov 13, 2009 10:14 AM
MERMENTAU, La. (AP) California-based NutraCea says its rice bran stabilization facility in Mermentau is among assets that would secure new financing the company is seeking as part of a voluntary Chapter 11 bankruptcy it has filed in Arizona.
The facility is at the Louisiana Rice Mill in Mermentau.
NutraCea's proprietary technology allows it to make food and nutrition products from rice bran, normally a wasted byproduct of standard rice processing.
The Advocates reports the company has applied for bankruptcy court approval for up to $6.75 million in financing from Wells Fargo Bank. NutraCea owes about $3.575 million to Wells Fargo under its old credit agreement.
Information from: The Advocate, http://www.2theadvocate.com