The packaged-ice company, Reddy Ice, has now filed for bankruptcy protection in order to reorganize the business and eliminate debt. The company is currently bidding to buy Arctic Glacier, a competitor who filed for bankruptcy earlier this year.
The company gained millions in debt when battling lawsuits brought on by the federal government after being accused of allegedly creating a conspiracy to eliminate smaller businesses in the ice packing industry.
The government investigated Reddy Ice, along with Home City and Arctic Glacier, for these charges and claimed that the three companies kept higher than average retail prices to control the market.
Reddy Ice and Arctic Glacier have suffered a nearly $300 million in stock prices in the last two years. Reddy Ice listed assets at $434 million and debt over $530 million.
If you or a loved one has been struggling with your business financially,you need representation on your side that can help eliminate debt. Contact the Milwaukee bankruptcy lawyers of DeLadurantey Law Office, LLC today by calling 414-377-0518 and discussing your legal options.