USA: Chiquita comments on U.S.-EU banana trade agreement
Chiquita Brands International, Inc. (NYSE: CQB) commented on the agreement announced yesterday between the U.S. Government and the European Commission regarding their long-standing dispute over the European Union's banana import regime. Chiquita stated that this agreement is expected to result in a partial recovery in future periods of the EU market opportunities previously available to Chiquita and Latin American producing nations. However, the Company still intends to proceed with the proposed restructuring of its parent company debt announced earlier this year. This restructuring initiative is necessitated by the cumulative effect on Chiquita of the EU's discriminatory banana import regimes over the past eight years, as well as the accelerated weakening of European currencies in recent years. The agreement announced today will provide no compensation to Chiquita for past damages attributable to previous EU regimes.
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