Rice bran ingredient supplier NutraCea has said it expects to exit bankruptcy later this year after having filed for Chapter 11 protection in November to allow the company to restructure, reduce overheads and sell non-core assets.
Rice bran ingredients supplier NutraCea has agreed to sell its cereal ingredients business and certain related equipment to Kerry Group as part of its restructuring strategy.
Rice bran and baby cereal specialist NutraCea is cutting 17 per cent of its US work force, a move the company claims will save $1m annually in its process of reducing its overheads under Chapter 11 bankruptcy.