Court approves NutraCea headquarters move
December 3, 2009
by Eric Schroeder
PHOENIX — The U.S. Bankruptcy Court for the District of Arizona has approved NutraCea’s motion to reject its current headquarters lease and enter into a new less expensive headquarters lease. Effective Dec. 7, NutraCea’s new headquarters will shift to Scottsdale, Ariz., from Phoenix, where the company had been located since its founding in 2000.
“We are pleased with the court’s decision to allow us to quickly move to more cost-efficient headquarters,” said W. John Short, chief executive officer. “Our new space is approximately 75% smaller and over 80% less expensive. This new space will allow us to reduce our headquarters’ rent by over $100,000 per month and is just one step in the process of reducing our corporate overhead.”
NutraCea filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code on Nov. 10, 2009, in order to restructure its operations under court-supervised protection.