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SAN DIEGO - SureBeam Corporation announced this week that it will file for bankruptcy under Chapter 7 of the United States Bankruptcy Code. The company also said it will cease business operations by the end of day, Jan. 16.
The San Diego-based provider of electron beam food safety systems and services for the food industry said in a press release that it has been unable to reach a restructuring agreement with its senior secured lender, and the lender has indicated an intent to accelerate the maturity and to demand payment of SureBeam's debt. In addition, SureBeam has been unable to raise additional funds it needs to continue its operations.
Under Chapter 7, a trustee will be appointed by the court to liquidate the company and its principal operating subsidiary, SB OperatingCo., LLC.