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Peanut company and owners file for bankruptcy

An Oklahoma corporation and its affiliates, including the Clint Williams Co. plant in Levelland, have filed for bankruptcy.

The Texoma Peanut Co., Clint-Co Peanut Co. and the Clint Williams Co – Western Division LLC, each filed a petition Nov. 6  seeking bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of Oklahoma.

Michael R. Pacewicz, an attorney with Crowe & Dunlevy, the firm representing the debtors, declined to comment on the case.

But documents in the case reveal that it was primarily filed because the debtors’ gross profit decreased 136 percent, falling from $12.237 million in 2012 to a gross loss of $4.423 million in 2013.

The loss in 2012 was ‘driven almost entirely’ by losses associated with operating the debtors’ Mississippi buying point locations.

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