Beef Processor AFA Foods Files for Bankruptcy Protection

AFA Foods Inc., a processor of lean beef trimmings, has filed for chapter 11 bankruptcy protection, citing fallout from the publicity over so-called "pink slime," The Los Angeles Times reported. The company, based in King of Prussia, Pa., said it plans to sell assets to correct a liquidity crisis that developed from heightened competition combined with plummeting sales following the public outcry over lean, finely textured beef, the story said.

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