The company has made the move with the support of its lenders but its fate remains undecided.
In the documents filed with the bankruptcy court, the company shares a plan that it hopes to enact. Sometimes that includes notification that a bid has been made for the distressed assets.As we have recently learned with chains like Bed Bath & Beyond, Tuesday Morning, and Christmas Tree Shops, having a Chapter 11 plan does not always mean that a company survives.
Currently, every company that files Chapter 11 bankruptcy faces a difficult market to raise money. Cash has gotten expensive due to higher interest rates. That has made banks more cautious and vendors have been less willing to extend credit to companies that can't get cash to back up their orders. "Peaches, cherries, mangoes, plums, and raspberries among others are some of the common types of stone fruits. The stone fruit season is narrow but the different seasons for different stone fruits make it easily available throughout the year," wrote Knowledge Sourcing Intelligence which forecasts that the stone fruit market will grow by about 4% through 2028.,
"In connection with an agreement reached amongst the Company's Lenders, Prima Wawona is proceeding with a transaction that will involve either the conversion of existing lender debt into equity ownership of the business or allow for a sale transaction to a third-party buyer. The ownership transition is expected to allow for the continued operation and long-term sustainability of the business," the company shared in a press release.
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