Bedminster-based Do Good Foods filed for Chapter 11 bankruptcy protection June 16, as was recorded in a filing with the District of Delaware.
According to the voluntary bankruptcy petition, the chicken processor said the decision to file for bankruptcy is “an important step to put the business in a position to succeed and allow us to continue pursuing our goals.”
“We founded Do Good Foods to pursue a mission to bring sustainability to scale with the largest food companies, and we are executing on our vision and mission. The court-supervised process we are undertaking is intended to strengthen our financial position,” Justin Kamine, co-CEO of Do Good Foods said.
Do Good said it received a commitment of roughly $30 million in new financing to support its new business and fulfill existing contracts.
Do Good Foods uses a closed-loop system to offer consumers carbon-reduced food from utilizing surplus grocery food. Grocery food that would typically be thrown out is used as feed for Do Good Foods’ chickens.
