New Orleans, Louisiana, U.S.A.-based food company Atlantic Natural Foods (ANF), which produces the alternative seafood brand TUNO, filed for Chapter 11 bankruptcy proceedings in the Louisiana Eastern Bankruptcy Court on 7 April.
According to an official filing, Atlantic Natural Foods reported assets of USD 10 million to USD 50 million (EUR 8.8 million to EUR 43.9 million) and liabilities of USD 1 million to USD 10 million (EUR 900,000 to EUR 8.8 million). The filing also said that the company has between 100 and 199 creditors.
In 2021, Atlantic Natural Foods announced a merger with Above Foods (ABFE) but said last year that it was transitioning “back to private ownership” after a mutual agreement between the companies.
"Operating in the industry's ever-changing landscape has not been without its challenges, but we remain steadfast in our commitment to resetting the standards for the years ahead," Atlantic Natural Chairman J. Douglas Hines said at the time. "We are drawing on tried-and-true food preparation and supply methods that have withstood the test of time to meet the needs of our global consumers."
The companies announced that they would continue to collaborate and that ANF had retained shares in ABFE and ABFE had retained interest in ANF.
“This strategy allows us to reinstate our commitment to returning the company to its core principles, products, and consumers while carrying out our mission of creating healthy food for the world in 2025 and beyond," Hines said.
