Billionaire Sid Bass invests in Blue Bell

Texas oil billionaire Sid Bass has made a “significant” investment in family-run Blue Bell Creameries LP, which recalled all its products in April after a listeria outbreak,

the

Wall Street Journal

reported.

Terms of the investment were not disclosed.

Blue Bell's family CEO, Paul Kruse told the


Journal


, “The additional capital will ensure the successful return of our ice cream to the market and our loyal customers.”

The


Journal


report said Blue Bell had “sought to secure a financial lifeboat without bringing in an outside investor that could dilute existing shareholders' stakes.”

On May 22, Kruse wrote in a letter to shareholders that Blue Bell faced “a financial crisis that could force us to close the company.” The letter asked for financing from existing shareholders and said the company had only enough cash to continue limited operations for 30 to 45 days, the


Journal


reported.

The company had hoped to raise $60 million by selling its shareholders convertible debt and warrants to buy additional stock, and by borrowing at least another $60 million from a bank, according to the


Journal


article. Some of Blue Bell's shares are owned by an ESOP, the report noted. (Source:


Wall Street Journal


, July 15, 2015.)