Bankruptcy
“The agricultural economy is inherently cyclical, and ag lenders are navigating the changing conditions across the sectors they serve,” said Jackson Takach, chief economist of Farmer Mac.
The Fresno, Calif.-based stone fruit producer has filed for Chapter 11 bankruptcy protection, seeking a third-party sale or conversion of existing debt into equity ownership.
As the dust settles in recent Chapter 11 bankruptcy proceedings, a new controlled environment agriculture company from the Netherlands is poised to secure AppHarvest’s 30-acre farm facility in Somerset, Ky.
SecondBloom Auctions, a management firm specializing in indoor growing facilities, is auctioning assets from AeroFarms’ vertical farm facility in Newark, N.J., through Sept. 28.
The indoor grower has secured a financing commitment to support operations at three of its four farms during Chapter 11 bankruptcy proceedings and hopes to maintain operations and employees through transition.
The Kentucky-based greenhouse grower is facing threats of another foreclosure, this time at the largest in its four-farm network in Morehead, Ky.
Kalera, a vertical farming company based in Orlando, Fla., filed April 4, for Chapter 11 bankruptcy, and the CEO stepped down. But leaders are making arrangements to continue regular operations throughout the process.
Row-crop states generally have experienced lower bankruptcy levels compared to states in the Northeast and Southeast, where specialty commodity markets tend to experience more volatility.
Country Fresh and Sun Rich USA, two divisions previously part of the Fresh Food Group, will now operate as a standalone company under the Country Fresh name.
The Woodlands, Texas-based Country Fresh filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas.
Kalera, a vertical farming company based in Orlando, Fla., filed April 4, for Chapter 11 bankruptcy, and the CEO stepped down. But leaders are making arrangements to continue regular operations throughout the process.