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March 26, 2009

Home Bistro files for Chapter 11

<a href="mailto:dheath@pressrepublican.com">By DAN HEATH</a>

PLATTSBURGH — Plattsburgh-based Home Bistro Foods Inc. has filed for Chapter 11 bankruptcy protection.

Home Bistro is being represented by Francis Brennan of Nolan and Heller LLP, a law firm based in Albany.

He said the company, which filed for Chapter 11 March 20 and has 60 full-time and eight part-time employees, has been hurt by the economic downturn because its business is driven by discretionary consumer spending. As consumers looked for ways to save money, sales dropped and caused an adverse effect on Home Bistro’s cash flow, he said.

“(Company officials) have taken this action in an attempt to preserve their assets and operations with the hope of either continuing in business or selling to a buyer who will continue the business,” Brennan said.

Home Bistro cooks and prepares gourmet meals that are flash frozen and shipped throughout the continental United States. It accepts phone, fax, e-mail or online orders.

The company was founded in Vermont in 1999. It moved to The Development Corp.’s Banker Road Industrial Park, part of the Clinton County Empire Zone, in 2003.

The Development Corp., in a press release, stated it was made aware of the filing Monday, as it is Home Bistro’s landlord and a creditor. It is one of the four secured creditors listed in the filing.

Other funding streams were through the North Country Alliance and other local lenders.

Development Corp. President Adoré Flynn Kurtz said Home Bistro continues to be an excellent tenant, leasing 27,250 feet of space.

“It is important to recognize the manufacturing-process innovation they brought to our community. Sous-vide (without air) processing is now a prominent method for restaurants and home chefs,” she said.

“The recent news is very unfortunate, but we remain optimistic that the company will be able to reorganize and retain the invaluable employees.”

Home Bistro grew steadily in Plattsburgh, from 14 employees in 2003 to 36 in the fall of 2005 to about 100 in May 2007.

It underwent a $2.2 million renovation and expansion in 2005. That allowed Home Bistro to put in place a call center and order fulfillment area, as well as expand its offices, locker rooms and production areas.

At the time, then-President and CEO David Thompson said the company shipped 10,000 orders in December 2004 and expected to ship 20,000 in December 2005.

In 2007, Home Bistro’s Spencer Newman —then vice president of marketing — said the company had shipped more than 1 million meals in 2006 and that sales were growing by about 40 percent a year.

Brennan said that, in this case, Home Bistro filed a voluntary petition seeking protection.

According to the U.S. Courts Web site, Chapter 11 is frequently referred to as reorganization bankruptcy.

Unless the court rules otherwise, the debtor is required to also submit schedules of assets and liabilities, current income and expenses, executory contracts and unexpired leases and a statement of financial affairs.

Brennan said the company has until April 4 to do that.

The debtor is also required to file a disclosure statement on how its difficulties came about and a plan on how it intends to resolve the problem.

The expectation is that the debtor will confirm its plan within 60 days, but that is an extendable time line, Brennan said.



E-mail Dan Heath at: dheath@pressrepublican.com

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