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Country Fresh filed for reorganization under Chapter 11

Country Fresh™, a fresh-cut fruit, vegetable, and snacking solutions provider, filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court (the “Court”) for the Southern District of Texas in order to effectuate the upcoming sale of the company. The sale includes all Country Fresh brands, including SunRich™ and Tiffany Gate™.

“Pandemic-related supply chain and business disruptions have affected Country Fresh and our customers dramatically over the past year,” said Bill Andersen, Country Fresh President and CEO. “Despite efforts to improve company results before and during COVID, we believe that this sale transaction will result in a better capitalized company and positions our customers, suppliers, employees, and all other stakeholders for maximum success going forward.”

To facilitate the sale process, and to provide increased financial flexibility to continue navigating through current marketplace challenges, Country Fresh announced (i) the entry into a binding stalking horse purchase agreement with a global private equity firm, Stellex Capital, subject to potential overbids at an auction to be held in the next several weeks, and (ii) has obtained a commitment from certain members of its existing lender group to provide debtor-in-possession financing. This funding will allow Country Fresh to continue to meet ongoing obligations while pursuing the sale of its assets under Court supervision.

Country Fresh’s manufacturing and distribution facilities will continue to operate unimpeded to fulfill orders during the sale process.

Country Fresh has filed several customary "First Day" motions with the Court, which are intended to ensure that the Company is able to maintain operations in the ordinary course and facilitate a smooth transition into Chapter 11.

“The health and safety of employees, customers, and the communities in which we operate remains a top priority,” continued Andersen. “From the beginning of the pandemic, Country Fresh has implemented a series of stringent health and safety programs in all North American facilities while diligently following guidance from local, state, and federal health authorities.”

The auction itself and resulting transaction is expected to close within 60 days. Additional information regarding Country Fresh's Chapter 11 filing is available at dm.epiq11.com/countryfresh.

For more information:
April Lynch
Lynchpin Strategic Communications
Tel.: +1 (713) 922-1895
E-mail: April@lynchpincomms.com


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