PHILADELPHIA — Tasty Baking Co., the maker of Tastykakes, said Friday it secured some $6.5 million in public and private financing, and reiterated it was examining all options for its future, including the further refinancing of long-term debt, a merger or even a sale.
The Philadelphia-based company, whose products include Kandy Kakes and Krimpets, said the new financing included $2 million from the Philadelphia Industrial Development Corp., a private, not-for-profit founded by the City of Philadelphia and the Greater Philadelphia Chamber of Commerce to promote economic development throughout the city. The state's Department of Community and Economic Development is providing $1 million, and $3.5 million is coming from a group of investors.
Additionally, its banking group, led by Citizens Bank, agreed to defer payments and reductions in credit through June 30. The company is still looking at its next step, which could include a sale or merger or the further refinancing of long-term debt.
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