Private equity backed US peach farm files for bankruptcy to pursue sale
NEW YORK - Prima, a private-equity backed farmer that is the largest producer of peaches and other stone fruit in North America, filed for Chapter 11 bankruptcy protection in Delaware on Friday.
Prima has struggled under its high debt load, and it has also faced significant setbacks since 2020, including a salmonella outbreak that led to a recall of peaches in the U.S. and the 2020 Creek Fire in California, which damaged orchards and reduced crop yields and quality.Prima will try to find a buyer for its assets by November, hoping to avoid an upcoming cash crunch between its profitable harvest seasons.
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