Gold Standard Baking’s Chapter 11 bankruptcy case dismissed by court

By Sarah Lizee

Olympia, Wash., March 2 – Gold Standard Baking, LLC’s Chapter 11 bankruptcy case was dismissed by the U.S. Bankruptcy Court for the District of Delaware at the company’s request, according to an order filed Wednesday.

As previously reported, in August 2022, the company gained approval to sell its assets to 37 Baking Holdings, LLC, which recently acquired the company’s first-lien debt and is also the debtor-in-possession lender.

The purchase price included a credit bid against $20 million of the first-lien debt, assumption of some liabilities, and assumption of contracts.

The company said in its motion seeking the dismissal that after carefully considering alternatives, the debtors decided that a dismissal is the most efficient and cost-effective method of concluding the cases.

Gold Standard said conversion would just add another layer of administrative costs with no benefits, and confirming a Chapter 11 plan of liquidation would be “lengthy, expensive, and, under the circumstances, not feasible.”

The company said there are no remaining claims or causes of action for the debtors to pursue and next to no remaining assets for a Chapter 7 trustee to liquidate and distribute.

The Chicago-based industrial baker filed Chapter 11 bankruptcy on June 22, 2022 under case number 22-10559.

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