Phoenix-based NutraCea (NTRZ), a producer of stabilized rice bran and other baby cereals, had filed for protection under Chapter 11 of the U.S. Bankruptcy Code. The petition was filed in the U.S. Bankruptcy Court for the District of Arizona on Nov 10. The world leader in stabilized rice bran nutrient research and technology plans to restructure its operations with government aid. Pursuant to the bankruptcy code, the company will reshuffle its operations, trim overhead costs and dispose of non-core assets, while focusing on its core business of stabilized rice bran, rice bran oil, nutraceuticals and baby cereals. None of the company’s subsidiaries were party to the bankruptcy filing. Concurrent with the bankruptcy filing, the company applied for $6.8 million of loan from Wells Fargo Bank, a division of Wells Fargo & Company (WFC). This loan, along with the cash generated from operations, will help the ...

NutraCea, a world leader in stabilized rice bran, has signed a definitive agreement with the Bright Food Investment Group, a subsidiary of Bright Food Group, to build the world’s largest rice bran oil refinery. The new refinery will process an estimated 500,000 metric tons of raw rice bran annually to produce rice bran oil, new patent-pending defatted rice bran, and stabilized rice bran, all of which will be used in a wide range of food applications.

The facility is estimated to be completed in 2010 and will be the world’s largest rice bran oil manufacturing plant, with the capacity to produce in excess of $200 million in annual gross revenues based on today’s market prices. Both companies are also anticipating future projects together, including constructing additional facilities of similar size.

According to the terms of the agreement, NutraCea will provide 80 percent of the capital and retain 72 percent of

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