NORTH PALM BEACH, Fla. -- Bravo! Brands Inc. on Friday filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Florida, said The South Florida Business Journal.
Robert C. Furr was appointed trustee for the flavored milk maker, promoter and distributor, according to the report.
In July, the company reached an agreement with Coca-Cola Enterprises Inc. to terminate the Master Distribution Agreement (MDA) entered into by the parties on Aug. 31, 2005. The termination of the MDA would allow [image-nocss] Bravo! to move forward to finalize its negotiations with a new national distributor for its products, the company said at the time.
The termination of our agreement with CCE was a joint decision between the two companies that reflects economic returns far below the expectations of both CCE and Bravo!. This termination of the MDA is a key step in our overall plan to restructure the business into an economically viable model through distribution with another national distributor, Ben Patipa, president of Bravo!, said in July.
The company also announced that the warrants to purchase 30 million shares of Bravo!'s common stock that were issued as part the MDA relationship had been canceled in connection with the termination of the MDA. No termination or cancellation fees were paid by either party.
North Palm Beach, Fla.-based Bravo! develops, brands, markets, distributes and sells flavored milk products throughout the United States. Its products are currently sold under the brand names Slammers and Bravo!. Slammers products are available in many channels of trade, including supermarkets, mass merchandisers, drug stores, convenience stores, gas stations, military, education and foodservice outlets. Many of Bravo!'s Slammers lines of shelf-stable, single-serve milk drinks are co-randed through exclusive partnerships with Masterfoods USA, a division of Mars Inc., General Mills and Organic Valley.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.