La Bonita Ole, Inc. Launches 'Save The Tortillas' Campaign

* Reuters is not responsible for the content in this press release.

Fri Jun 26, 2009 12:41pm EDT

Tortilla Company CEO Wants SunTrust Bank to Be a Hero in The Banking Industry

TAMPA, Fla., June 26 /PRNewswire/ -- Tampa-based La Bonita Ole announced today
that the company will launch a campaign to "Save The Tortillas."  After 17
years of providing a growing line of tortillas to the eastern United States,
La Bonita Ole may be facing a permanent shift in owner/management.  With the
present state of the company in danger, President and CEO Tammy Young decided
to take matters into her own hands and launch a national effort to save her
company.

(Photo:  http://www.newscom.com/cgi-bin/prnh/20090626/CL38792-a)

(Logo: http://www.newscom.com/cgi-bin/prnh/20090626/CL38792LOGO-b)

(Logo: http://www.newscom.com/cgi-bin/prnh/20090626/CL38792LOGO-c)

La Bonita Ole filed a voluntary Chapter 11 bankruptcy petition on July 16,
2008, that allowed the company to restructure its debt obligations under the
auspices of SunTrust Bank.  Because of the current credit crisis and a one
year growing pain impact, La Bonita Ole, like many other solid, growing
companies, was left with insufficient funds to address its operating costs,
after seventeen years of consecutive expansion.  Filing for Chapter 11 enabled
La Bonita Ole to continue to function, pay its bills and creditors, and become
profitable and solvent again.  The risk, however, was that control of the
company could be shifted out of the hands of current management by SunTrust
Bank whose current plan is to sell the company.  If this happens, Young would
be divested of her interests.

"We do believe, had we been in a normal banking environment, our company
probably wouldn't be in the situation we are now," said Young. "We had growing
pains that prompted us to borrow money for capital.  Thankfully, SunTrust
provided that need through an unsecured $1.0M loan.  When the world financial
crisis hit, SunTrust and all other banks evaluated their loan portfolios. 
SunTrust determined they needed La Bonita Ole, Inc. to find funding to remove
their unsecured exposure.  The company has made and continues to make every
agreed upon payment since the first day of all of its loans with SunTrust." 

Young hopes that the "Save The Tortillas" campaign can generate an
overwhelming show of public support for the company and her cause before the
date of final judgment in court which is August 19, 2009.  Ideally, this
public support would influence SunTrust Bank and the courts to allow the
existing loans to remain in the SunTrust portfolio.  The goal of the campaign
is to make SunTrust Bank a hero in the banking industry for allowing La Bonita
Ole to continue to thrive in their current state with Young at the helm and
with its current employees.

The campaign is using social media channels - YouTube, Twitter, Facebook,
Digg, Flickr and Brand Tampa - to spark and ignite a movement to "Save The
Tortillas" by sharing the company story, raising awareness of the situation
and inviting fans to show their support and spread the word to save the
tortillas.  The campaign also has its own web site which includes a complete
timeline of the company's history, past and current financials, a petition as
well as a list of ways the public can support La Bonita Ole.  The web site is
www.savethetortillas.com.

Connect with us:
www.savethetortillas.com
www.youtube.com/savethetortillas
www.twitter.com/savethetortilla
www.facebook.com/pages/Save-The-Tortillas/106550617936?ref=s
www.brandtampa.com

About La Bonita Ole:
Founded in 1992, Tampa-based La Bonita Ole makes tortillas. Flour. Corn.
Lo-carb. Whole wheat with omega 3 & calcium. 32 varieties in all. Both
refrigerated - Tam-x-ico's and shelf-stable - Wrap-itz versions. Founder,
President and CEO Tammy Young started the company with $13,000 in savings and
the belief that she could make the most fantastic tortillas outside Mexico.
The journey to become the best tortilla maker in America has lasted 17 years.
La Bonita Ole now supplies over 20 major food retailers in 28 states, does
over $12 million in sales, and employs more than 40 people.

    Contact:
    Holly Clifford Corral
    President, Tango Marketing
    404-668-7733
    hollycliffordpr@gmail.com

SOURCE  La Bonita Ole

Holly Clifford Corral, President, Tango Marketing for La Bonita Ole,
+1-404-668-7733, hollycliffordpr@gmail.com
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.