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Report: Fontarome Chemical Files for Receivership
Posted: January 27, 2014
St. Louis-based flavor, fragrance and pharmaceutical ingredients company, Fontarome Chemical, has filed for receivership, a type of corporate bankruptcy in which a receiver is appointed by the courts or creditors to run the company, according to press reports.
According to the Milwaukee-Wisconsin Journal Sentinel, the company's assets will be sold to pay creditors at least part of what they are owed. As of Nov. 30, Fontarome had about $6.1 million in debt, with assets worth substantially less, court documents showed, the report said.
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