Organic Resource Management Inc.’s special committee has hired Duff & Phelps Corp. to help with the evaluation of strategic alternatives. Options on the table include the possible sale of the Toronto, Canada-based company, which formed the committee and announced its formal plans to look into alternatives on Dec. 13, after receiving several expressions of interest. Organic Resource collects, processes and recycles grease and other nonhazardous organic residuals. It doesn’t plan to provide further updates until the process is completed.
Tasty Baking Co. hired Janney Montgomery Scott LLC to help evaluate financial and strategic alternatives, including the possible refinancing of Tasty Baking’s long-term debt due September 2012. The maker of cupcakes and other baked snacks is also considering a combination with another business. The Philadelphia-based company has held talks with its bankers to explore other options to address its liquidity needs, as well as covenant requirements of its credit agreements. Tasty Baking’s business has been struggling with higher commodity prices.
Advanced Life Sciences Holdings Inc.’s board plans to evaluate strategic alternatives to maximize shareholder value. The biopharmaceutical company develops drugs to treat infection, cancer and respiratory diseases will consider options, such as the sale of the business. The Chicago-based company decided to examine options after its board assessed the financial resources needed to conduct a registration program for its Restanza antibiotic. For the third quarter, Advanced Life’s losses narrowed to $2 million from $2.9 million a year earlier, as a result of lower operating expenses associated with the development of Restanza.
Townsend Inc. and four of its subsidiaries filed for Chapter 11 protection in December, citing market conditions. The company expects to continue operations as it explores strategic alternatives during the proceedings. It listed $131 million in assets and $127 million in liabilities in its bankruptcy filing. The Georgetown, Del.-based company operates plants in Arkansas, Georgia and North Carolina.