"Prior to today’s filing, the company evaluated a number of options including an overall reorganization of its business operations and sale of the business. At this point, the company is pursuing a sale of substantially all of its assets," PVP reports in a filing with the Securities and Exchange Commission. "The board of directors and management believe that this course of action will be in the best interests of all of the stakeholders and will maximize value for all of the constituents."
The company filed in the United States Bankruptcy Court for the District of Nebraska. PVP will continue to operate its business as a "debtor-in-possession."
According to reports, the bankruptcy is forcing the company to lay off about 300 employees.