990351 Thorn Apple Valley Receives Interim Financing

Southfield, MI - Thorn Apple Valley obtained an interim financing order that will allow it to meet its projected cash needs while operating under the protection of Chapter 11. The banks have agreed to provide Thorn Apple Valley with a credit line of $7 million to allow it to continue to operate as it reorganizes. The interim order will be in effect through June 1.

“We're very happy to have reached an agreement with our banks that provides us with sufficient capital to operate as we reorganize under Chapter 11. This interim financing will allow us to continue on the path to profitability we had started before we were hit with the listeria recall,” Joel Dorfman, President and CEO said.

The company will soon be announcing several new changes. Thorn Apple Valley has undertaken an extensive program under the direction of Kansas State University to assure that the company has the most comprehensive food safety program in the United States.

In addition to the food safety initiative, Thorn Apple Valley will also be introducing a new company logo, new packaging designs, as well as new improvements to the flavor and taste of its meat products.

Thorn Apple Valley is a manufacturer of processed meat products headquartered in Southfield, Michigan. Thorn Apple Valley has sales of about $500 million and employs more than 3,000 people with plants in Michigan, North Carolina, Arkansas and Oklahoma.

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