A company that grows, packs and ships potatoes in Oregon’s Klamath basin has filed for Chapter 11 bankruptcy, which protects businesses from creditors seizing collateral while they restructure debt.
In its bankruptcy filing, Wong Potatoes of Klamath Falls reports owing between $1 million and $10 million to fewer than 100 creditors. It reported assets between $1 million and $10 million.
Dan Chin, the company’s president, has also filed for bankruptcy with his wife but was out of the office and wasn’t available for comment.
The company, which was founded in 1930, produces 16 varieties of organic potatoes as well as several cultivars of conventional potatoes on nearly 5,000 acres. It employs between 50 and 100 workers, depending on season.
U.S. Bankruptcy Court Judge Thomas Renn has approved a motion for Wong Potatoes to use cash collateral and a meeting of creditors has been scheduled for Jan. 10 in Eugene, Ore.