Another one bites the dust.
The Connecticut manufacturer of the Prostar bodybuilding protein shake filed for bankruptcy blaming its financial problems on regulatory scrutiny that led to a battle over its $13 million bank loan.
Officials at Ultimate Nutrition Inc. put the company into Chapter 11 protection in U.S. Bankruptcy Court in Hartford, Connecticut after they couldn’t find another lender to refinance its biggest loan, according to documents filed in the case. That loan, which was extended by TD Bank NA, was declared to be in default last year.
What is next for is unclear but there will either be a creditor who provides cash to rescue the company in exchange for ownership, they will be bought by a larger company and absorbed, or their assets will be auctioned off.
source: bankruptcynews.dowjones.com
