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C Street Advisory Group is providing strategic communications counsel to Hearthside Foods Solutions contract food manufacturer as it files Chapter 11 in a bid to “right size” its balance sheet.
The restructuring will cut more than $1.9B in debt from Hearthside’s books, and pump about $200M in new capital into the Downers Grove, IL-based company.
CEO Darlene Nicosia, a Coke, Kraft and PepsiCo veteran who took Hearthside’s helm in August, said her team is ready to transform the company for a bright future.
Chapter 11 protection will enhance Hearthside’s “leadership in the food manufacturing industry as we drive continued innovation and growth,” said Nicosia.
Hearthside, which produces baked goods, snacks and nutrition bars, is the industry’s largest private bakery with 28 facilities and 12,000 workers.
It expects to emerge from Chapter 11 during the first quarter of 2025.
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