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Tag: bankrupt

Xyience Gets Death Threats, Files Chaper 11

Drink
(Umm…sure, I’ll take a sip.)

Xyience – which makes the energy drink, Xenergy – has been one of the UFC’s primary sponsors the past few years, but that might be changing. The company filed for bankruptcy protection and claims they received intimidation and death threats. The energy drink business is more cut-throat than we thought.

John G. Edwards reported the story today for the Las Vegas Review-Journal:

Xyience Inc., the energy drink company headquartered at 4572 Hacienda Ave., reported $42.3 million in liabilities and $5.3 million in assets. Xyience sells its energy drink through 230 convenience and grocery stores, mostly in the Southwest.

The voluntary bankruptcy petition, filed on Friday, follows an involuntary petition that was filed Jan. 3 by founder and former CEO Russell Pike and others. The involuntary petition remains pending.

The bankruptcy petitions for Xyience were filed under Chapter 11, which provides protection from creditors while the company reorganizes.

When a company goes belly-up, why do they always claim to be “reorganizing”?

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