Do Good Foods, a sustainable meat producer focused on cutting food waste that has counted asset-management giant Nuveen among its investors, filed for bankruptcy on Friday.
The Bedminster, New Jersey-based company listed estimated assets and liabilities of as much as $500 million in a bankruptcy petition filed in Delaware. The Chapter 11 filing allows Do Good Foods to keep operating while it seeks approval of a plan to repay creditors.
The company produces sustainable meat by diverting food waste from a system of supermarkets to use as feed. It currently operates a facility in Pennsylvania where it raises chicken, with additional plans to expand to two other facilities, according to a statement in December.
Do Good Foods raised $169 million from Nuveen in 2021, according to a statement at the time. The startup’s chicken is available at retail chains including Safeway, Target and ShopRite, according to its website.