USA: Chiquita bankruptcy judge approves solicitation of votes on debt restructuring
Fruit and vegetable marketing and distributing giant Chiquita Brands International announced this weekend that Judge J. Vincent Aug, Jr. authorized the company to solicit votes on its Pre-Arranged Plan of Reorganization under Chapter 11 of the US Bankruptcy Code. The Plan provides for the restructuring of the publicly held debt and equity securities of Chiquita Brands International, which is a parent holding company without any business operations of its own. The Plan does not affect the Company's business operations, which are conducted by independent subsidiaries that generate positive cash flow and have access to their own credit facilities. These subsidiaries continue to operate normally, and their creditors will be unaffected.
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