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Long-struggling Houston company American Rice Inc. filed for Chapter 11 reorganization in Corpus Christi this week, citing $180 million in debt and $200 million in assets.
ARI, which has been struggling with liquidity problems stemming from breach of contract litigation and loan defaults, is 81 percent owned by ERLY Industries Inc., a diversified agribusiness based in California.
The bankruptcy filing came a week after a Houston developer, which earlier this year won a $5 million judgment against ARI, filed a demand for the turnover of assets as payment. That claim will now be heard in federal bankruptcy court.
First in line as secured creditors are 500 …