The ice cream and dairy company, based in west suburban North Aurora, filed court documents Friday with the Northern District of Illinois for Chapter 11 bankruptcy protection.
Filing for Chapter 11 bankruptcy protection means a company will attempt to pay back the money they owe to creditors. The company has not filed for Chapter 7 bankruptcy.
Oberweis Dairy owes at least $4 million in combined unsecured claims to their top 20 creditors, the documents show. The company could also owe more money to additional creditors that are not in the top 20.
Among the creditors the company owes money to is the Cook County Treasurer, to which Oberweis owes just over $173,000, documents show.
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The owners of Oberweis Dairy are related to Illinois Republican politician Jim Oberweis.
ABC7 has reached out to Oberweis Dairy for comment.