Eurofresh to emerge from bankruptcy by month's end


Published on Saturday, November 07, 2009

Eurofresh Inc.’s reorganization plan has been approved and the company will come out of bankruptcy by the end of November.

U.S. Bankruptcy Court Judge Charles G. Case II confirmed the document on Oct. 16.

As part of its recapitalization process, the company had entered into a settlement with the majority of its debt holders to convert more than $200 million of debt into equity. The agreement states that Eurofresh will receive $35 million in new capital to repay debt and ensure financial stability to continue investing in strategic capital expenditures.

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Eurofresh’s growing and packaging operations in Willcox and Snowflake, Ariz., continued normal operations during the reorganization. The company’s customers, including restaurateurs, grocers and the public, saw no change in the quality of the company’s produce and services, Ferguson said.
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