Pedro’s Tamales Files Reorganizational Bankruptcy

Lubbock-based Pedro’s Tamales filed for Chapter 11 reorganization bankruptcy this week.
LUBBOCK, TX -- Lubbock-based Pedro’s Tamales filed for Chapter 11 reorganization bankruptcy this week. The company indicated between 50 and 100 creditors which include the IRS. Pedro’s listed a bank loan to First Bank & Trust for more than $411,000; unpaid payroll taxes of nearly $79,000; a food supplier for more than $263,000; and many other debts.

The company listed assets of $773,004.24 and liabilities of $1,416,055.39. On Friday Pedro’s asked permission to pay its bankruptcy attorney Max Tarbox. The company has been ordered to provide the bankruptcy court with a cash flow statement, balance sheet, and statement of operations.

Mike Hale, CFO for Pedro’s Tamales, said this is a “reorganizational bankruptcy” – meaning that business will continue. Hale said they let two people go to cut costs and they’ll have between 35 and 40 people during the summer.

Hale also said the company lost sales in the last 22 months and costs were going up.

Hale said Pedro’s is “in no way shutting down.”

More information about Pedro’s can be found at http://www.tamale.com/

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