Humboldt Creamery Declares Bankruptcy

Posted by Brian Gould Thu, 23 Apr 2009 12:06:00 GMT

Humboldt Creamery has filed for bankruptcy protection just two months after former CEO Rich Ghilarducci scandalized the company by revealing its finances weren’t as sweet as they seemed.

The bankruptcy will make it possible for the creamery to keep operating, but it could also tear it from the hands of its member farmers. The company’s $50 million to $100 million debt, combined with the inaccurate financials, prompted the Tuesday morning Chapter 11 filing in U.S. Bankruptcy Court in Santa Rosa.