Trinitas Farming, an almond grower in the Central Valley of California, has filed for bankruptcy, according to a report from The San Joaquin Valley Sun, which said the grower declared around $188 million in debt.
The Sun said Trinitas Partners operates the business and began acquiring almond ranches throughout the Central Valley in 2015; it now operates 17 ranches and nearly 8,000 acres.
The almond grower reportedly cited high borrowing costs and low almond prices in its filing. The Sun also reported that the company said its investment strategy of younger orchards led to lower production and lower revenue. Trinitas Farming is seeking a $30 million loan in bankruptcy court.
The Sun also reported that Dinuba Ranch, Tule River Ranch, Porterville, Adobe Ranch and Jeffrey Ranch have all filed for bankruptcy.
According to the report, Rabo Ag offered Trinitas Farming a $130 million loan in November 2022, which includes $31 million delayed draw loans. The company also owes 20 unsecured creditors $26.6 million, of which it owes The Almond Co. $9.2 million, and The Harvesting Group has a $4.9 million debt claim, according to The Sun‘s report.
