Bankruptcy filing harms cocoa processor

The financial troubles afflicting Transmar Group, one of the world’s largest independent cocoa processors, increased after a unit filed for bankruptcy in the U. S.

Transmar Commodity Group Ltd. of Morristown, N. J., sought court protection from creditors on Dec. 31 in Manhattan, listing liabilities and assets of $ 100 million to $ 500 million each.

Peter Johnson, the chief executive officer of parent company Transmar Group, and Peter Johnson, the group’s managing director for cocoa, didn’t reply to an email and telephone messages seeking comment. Calls to a lawyer representing the company weren’t returned.

Closely held Transmar Group has factories in the U. S., Europe and South America, and is one of the world’s 10 biggest cocoa processors by capacity, according to Barry Callebaut AG, the largest of all. The group formed a cocoa joint venture last year with Tokyo- based Itochu Corp. The Japanese trading house acquired a stake in the venture of just under 20 percent.

The Chapter 11 filing comes a month after the group’s German unit, Euromar Commodities GmbH, declared insolvency after running into cash constraints.

The cocoa- processing industry is in the hands of several companies, including Olam International Ltd. and Cargill Inc.

“Nobody wants to see Transmar go away,” said Nick Gentile, a former cocoa trader and now managing partner at NickJen Capital Management & Consulting in Staten Island, N. Y.