PHOENIX—NutraCea, maker of dietary supplements, filed for Chapter 11 bankruptcy protection on Tuesday, Nov. 10. The small public company reported $83.7 million in assets and debt worth $18.9 million in its petition filed in U.S. Bankruptcy Court in Phoenix. Last month the company announced Wells Fargo was accelerating the principal balance due on a line of credit on which it defaulted.
The firm also had to restate its financial results for fiscal years 2006 and 2007 and the first three quarters of 2008 last month due to accounting errors discovered by independent investigators hired by the firm's audit committee. The firm's shares closed down 7.4 percent at 5 cents.
