Mountain City Meat, a Denver-based processor with more than $100 million in revenues, last week was forced into Chapter 7 bankruptcy by three major creditors, and is being liquidated by a receiver, Alliance Management Inc., a consulting firm with offices in Minneapolis and Denver.

Mountain City’s directors and officer have resigned, according to documents filed in Colorado bankruptcy court, and 381 employees have been laid off from plants in Denver and Nashville; 25 still are on staff.

The three creditors — National Beef Packing Inc., XL Foods Lakeside Packers Inc., and importer Orleans International Inc. — filed a petition to force Mountain City into Chapter 7 late Thursday afternoon. They are owed, collectively, almost $2.5 million.

Also on Thursday, Fifth Third Bank filed with the courts requesting that a receiver be put in charge of the company’s operations, a move to which Mountain City’s executives had agreed. The bank is owed more than $17.7 million by the company, according to its filing.

Fifth Third on Friday filed a motion for the courts to allow the company to continue operating in receivership, even as the Chapter 7 filing moves through the system. Mountain City is in possession of some $12 million to $14 million worth of meat that should be processed and delivered before it spoils. An emergency hearing on that motion is scheduled for Tuesday.

Efforts to reach Mountain City executives were unsuccessful on Monday. According to the company’s website, Mountain City Meats processes ground beef and steak, natural meats and retail products. Customers reportedly include Wal-Mart, Ruby Tuesday’s and O’Charley’s, among others.