One of many largest stone fruit producers within the nation declared chapter.
Prima Wawona of Cutler, California, introduced in October that it will voluntarily file for court-supervised Chapter 11 chapter, which permits a enterprise to proceed working whereas it reorganizes its money owed.
Below an settlement with lenders, firm officers intend to transform the lender’s debt into fairness possession or promote it to a 3rd celebration in the course of the Chapter 11 public sale course of, the corporate stated in a information launch.
Within the assertion, firm CEO John Boken attributed the monetary issues to rising prices and climate, regardless of a big harvest and report acreage in 2023.
“The enterprise has confronted vital headwinds, together with elevated prices and climate-related impacts, which have mixed to make our present capital construction unsustainable,” he stated within the assertion.
Prima Wawona grows greater than 15,000 acres of stone fruit, in accordance with its web site. The corporate is owned by Paine Schwartz Companions, the identical New York non-public fairness agency that owns AgroFresh, the Pennyslvania firm that pioneered 1-MCP.
—by Ross Courtney