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Metropolis Reality Forums « New World Pasta bankrupt »

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Rhune
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New World Pasta bankrupt
« on: May 11th, 2004, 10:35pm »		 Quote Quote Modify Modify
New World Pasta bankrupt
May 11, 2004
 
 
Unable to digest an acquisition, faced with tough rivals and starved by the craze for low-carb foods, New World Pasta declared bankruptcy yesterday.
 
The nation's No. 1 pasta maker, whose brands include Ronzoni, Prince and San Giorgio, blamed high debt and accounting problems that surfaced soon after it bought Borden's pasta division in 2001.  
 
The Chapter 11 bankruptcy filing holds creditors at bay and lets the company stay in business until can come up with a permanent turnaround plan.  
 
Ronzoni was born in Long Island City in 1918, and its factories on Northern Boulevard remained fixtures for decades. New World, based in Harrisburg, Pa., is owned mostly by JLL Partners, a Manhattan buyout firm.  
 
In late 2002, the private company warned that computer network problems had made its financial statements unreliable. While the company has no stock, it does have publicly traded bonds. New World's filings show sales plunged to $330 million last year from $400 million in 2001, well below its target for this year of $500 million.  
 
Some analysts blamed the popularity of the Atkins and South Beach diets. "The low-carb diet is shrinking the overall pasta market," Duncan Yin at CRT Capital Group LLC in Stamford, Conn., told Bloomberg News Service. But he noted that New World had problems of its own, including tough competition from Barilla and American Italian Pasta brands. "New World has the highest manufacturing costs relative to its main competitors," Yin said.
 
New World hired Rothschild Inc., an investment bank, and Skadden, Arps, Slate, Meagher & Flom, a law firm, to handle its bankruptcy.  
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Rhune
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Re: New World Pasta bankrupt
« Reply #1 on: May 11th, 2004, 10:37pm »		 Quote Quote Modify Modify
Man talk about missing the boat here guys...talk about an opportunity to jump on the bandwago and corner the market in a low carb or no carb pasta?  I looked at a lot of pasta alternatives when we thought my son might have Celiac Disease and some of those are made with very low carb ingredients and while not tasting exactly like wheat pasta, some of them are supposed to taste delicious.  These guys need to channel what they have left into riding this wagon and potentially make themselves a fortune in the process.
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