An investment up to $125 million from prominent Texas businessman Sid Bass lent to Blue Bell Creameries is necessary for the company to remain in business, according to the Associated Press. The ice cream manufacturer’s executives made the announcement to shareholders, in a recent letter.
The Wall Street Journal said the letter, mailed last week, indicated the company was unable to raise enough money from existing shareholders to remain operational and “decided to work with a single source that demonstrated the intent and ability to provide the necessary financing on a timely basis.”
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