On January 27, 2013, Eurofresh, Inc. filed for Chapter 11 Bankruptcy Protection in the District of Arizona. Eurofresh is America’s largest greenhouse grower and markets its products directly to major U.S. food retailers under the label “Eurofresh Farms” and “Sweet Star.”
Pleadings filed along with Eurofresh’s bankruptcy pleadings indicate that the Debtor owes in excess of approximately $49 Million to its First Lienholders, approximately $36 Million to Second Lienholders and approximately $11 Million to Unsecured Creditors.
Eurofresh’s bankruptcy pleadings also disclosed an estimated $600,000.00 in PACA Trust liability. At this time, a motion is pending to install a procedure for addressing PACA claims. There is also a motion pending for Eurofresh to utilize is cash… As with any produce industry bankruptcy, it is important for PACA trust beneficiaries to assert their claims quickly before the Court authorizes the Debtor’s use of funds that may be needed to ensure the PACA Trust beneficiaries receive full payment.