On February 10, 2014, (the “Petition Date”) Cereplast, Inc. (CERP) (the “Company”) filed a voluntary petition in the United States Bankruptcy court for the Southern District Of Indiana (the “Bankruptcy Court”) seeking relief under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”). The Chapter 11 cases are being administered under the caption “In re Cereplast, Inc.”, Case No. 14-90200-BHL-11 (the “Chapter 11 Case”). The Debtors intend to continue to operate their businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court.
In connection with the Chapter 11 Case, the Debtors intend to file motions seeking Bankruptcy Court approval of debtor-in-possession financing.