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Article: HOW WE SURVIVED BANKRUPTCY
- Article from:
- Central Penn Business Journal
- Article date:
- October 16, 2009
- Author:
CopyrightCopyright Journal Publications Inc. Oct 16, 2009. Provided by ProQuest LLC. (Hide copyright information)
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DAUPHIN COUNTY
Bankruptcy did not kill New World Pasta Co.; it saved it. The Lower Paxton Township, Dauphin County-based dry-pasta manufacturer filed for Chapter 11 bankruptcy protection in 2004 after suffering severe cash-flow issues. A year later, it emerged stronger and leaner.
New World Pasta was created in 1999 when a group of private investors bought the Hershey Pasta Group for $450 million from Hershey Foods Corp. and turned it into New World Pasta. The company produces popular brands including Ronzoni and San Giorgio.
In 2001, the company took a step further when it acquired majority ownership of the pasta division of Ohio-based Borden Foods Corp. for nearly $50 million, said Cary ...