After losing nearly all of its value leaving it $1bn in debt, the industrys largest producer of stone fruit Prima Wawona is transitioning ownership of the company and recapitalising its business.
To facilitate the sale process, the company has initiated voluntary Chapter 11 proceedings with the backing of its lenders, who entered into a lender support agreement (LSA) among themselves. The company has stated it will ultimately proceed with the highest and best offer via a court-supervised auction process.
In recent months, Priam Wawona has faced significant headwinds, including increased costs and weather-related impacts that have combined to make its existing capital structure unsustainable.
In connection with an agreement reached among …
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