PACA creditors can still file against EuroFresh - The Packer

PACA creditors can still file against EuroFresh

02/14/2013 11:11:00 AM
Coral Beach

EuroFresh Produce suppliers who believe they are owed money from bankrupt EuroFresh Inc. under the Perishable Agricultural Commodities Act still have time to file claims.

EuroFresh attorney Fred Petersen said PACA creditors who billed the Willcox, Ariz.-based greenhouse grower before it filed for bankruptcy on Jan. 27 have until 30 days after the payment deadline on their invoices to file claims.

Peterson said there are less than 10 PACA creditors with total PACA debts of about $600,000.

Anyone who has objections to the PACA payment procedure OK’d by the judge in the Chapter 11 bankruptcy case must file by Feb. 22. The case is in the U.S. Bankruptcy Court in Arizona.

NatureSweetEuroFresh continues to operate despite the bankruptcy because of special permission granted by the judge. EuroFresh officials said in court documents they wanted to maintain operations pending the sale of the company to competitor NatureSweet Ltd., San Antonio.

A hearing on the bidding and auction process for the $51.1 million sale is set for Feb. 22.

Total claims against EuroFresh, according to court documents, are $69.5 million. Unsecured, non-priority claims total $10.7 million. Secured claims total $58.3 million.

An unsecured creditors’ committee is in place, composed of six creditors with the largest unsecured claims.

Those creditors are:

  • International Paper Co., Memphis, Tenn.;
  • Kent H. Landsberg Co., Buena Park, Calif.;
  • John Christner Trucking, Sapulpa, Okla.;
  • IFCO Systems US LLC, Tampa, Fla.;
  • Peter Dekker Installaties BV, The Netherlands; and
  • Southwest Gas Corp., Las Vegas.

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Julian De La Cruz    
Nogales Az.  |  February, 14, 2013 at 11:59 AM

Explain non priority again?

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