Gold Standard Baking asks court to dismiss Chapter 11 case

By Sarah Lizee

Olympia, Wash., Nov. 15 – Gold Standard Baking, LLC asked the U.S. Bankruptcy Court for the District of Delaware to dismiss its Chapter 11 bankruptcy cases, according to a motion filed Tuesday.

As previously reported, in August, the company gained approval to sell its assets to 37 Baking Holdings, LLC, which recently acquired the company’s first-lien debt and is also the debtor-in-possession lender.

The purchase price included a credit bid against $20 million of the first-lien debt, assumption of some liabilities, and assumption of contracts.

The company said Tuesday that after carefully considering alternatives, the debtors decided that a dismissal is the most efficient and cost-effective method of concluding the cases.

Gold Standard said conversion would just add another layer of administrative costs with no benefits, and confirming a Chapter 11 plan of liquidation would be “lengthy, expensive, and, under the circumstances, not feasible.”

The company said there are no remaining claims or causes of action for the debtors to pursue and next to no remaining assets for a Chapter 7 trustee to liquidate and distribute.

A hearing is scheduled for Dec. 7.

The Chicago-based industrial baker filed Chapter 11 bankruptcy on June 22 under case number 22-10559.

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