Coamo meat packing co. Emprosur files for Ch. 11 bankruptcy
Empacadora y Procesadora del Sur Inc., known as Emprosur, in Coamo has filed for Chapter 11 bankruptcy protection, listing nearly $11 million in debt.
The petition was filed at the US Bankruptcy Court for a type of protection that allows the business to continue operating while it reorganizes its assets and debts. However, it can also lead to a subsequent liquidation.
In the filing, Emprosur lists Banco Popular de Puerto Rico as its biggest creditor, which is owed nearly half of the debt, at nearly $5.5 million. The Agriculture Department’s Integral Development Fund is owed another $1.3 million. The rest of the debt is held by public and private goods and services providers, including LUMA Energy, Valley Food Produce Inc., the Puerto Rico Industrial Development Company (PRIDCO) and the Internal Revenue Service.
Emprosur was founded in 2010 and is dedicated to manufacturing meat-related products such as sausages, cured and smoked meats, canned meats, and fresh patties. It has been described as the only meat manufacturing, processing and distribution plant that operates year-round in Puerto Rico.
In 2013, the local Wendy’s franchise chain confirmed that the Coamo-based company makes its iconic square-shaped burgers, as News is my Business reported.
In 2016, the owners of the Taco Maker franchise in Puerto Rico, FransGlobal, also announced its decision to purchase beef from Emprosur.