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CINCINNATI - Chiquita Brands International Inc. said Tuesday it emerged from Chapter 11 bankruptcy reorganization and is issuing new stock and securities to begin trading today, The Associated Press reports.
Chiquita entered its reorganization on Nov. 28, under a prearranged plan that bondholders approved to reduce the company's debt by about $700 million. The reorganization will reduce Chiquita's annual interest expense by about $60 million, the company said.
The company's other creditors, assets, and ongoing business operations have not been affected by the Chapter 11 process.