Chiquita Brands international auditor Ernst & Young has questioned the group’s ability to continue as a ‘going concern.’
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The auditors cited Chiquita’s efforts to restructure its debt as a signal that bankruptcy may be looming in the company’s annual report that was filed with the US Securities and Exchange Commission on Monday.
Chiquita plans to implement a restructuring plan via a Chapter 11 bankruptcy filing. This allows a company to reach an agreement with its creditors in advance of bankruptcy and then uses that process to implement a restructuring scheme.
