Hearthside Food Solutions, a big supplier of snacks for companies like Pepsi and Kraft Heinz, has filed for Chapter 11 bankruptcy.
They owe $2.1 billion and are looking for a way to restructure their finances. The company, along with 22 related businesses, filed for bankruptcy in Texas.
Despite their financial troubles, they have strong backing from investors and lenders. To keep things running smoothly during this time, Hearthside has asked for $300 million in emergency funding.
They also promised to continue paying employee salaries, supporting customer programs, and meeting obligations to suppliers while they go through the bankruptcy process.