BLANCHARD — Matador Processors Inc., which makes chile rellenos and other prepared foods, has filed for Chapter 11 bankruptcy to stave off foreclosure proceedings on its manufacturing plant.
Matador, which has been making prepared chile rellenos to sell to restaurants in the state for nearly 40 years, filed for bankruptcy Monday in U.S. Bankruptcy Court in Oklahoma City. The frozen food manufacturer made the “fairly quick decision,” to file for bankruptcy to save the manufacturing plant from foreclosure, said attorney David Sisson, who is representing Matador in its bankruptcy.
Court records show that BancFirst began foreclosure proceedings against Matador in July in McClain County District Court. The court had approved the foreclosure and the manufacturing plant was headed for an upcoming McClain County Sheriff's sale when Matador filed for bankruptcy.
“The bankruptcy was filed in order to prevent the sale of the property,” Sisson said. “Matador intends to go forward and continue operations while in possession of their business.”
In its bankruptcy petition, Matador claimed it had from $1 million to $10 million in assets against $500,000 to $1 million in liabilities. A detailed list of all of the company's assets and debts had yet to be filed with the bankruptcy court on Thursday.