The bankruptcy process of the Cítrics de Nules cooperative is moving toward the liquidation phase. The citrus company is at this stage after having filed for bankruptcy last September due to significant financial challenges. However, there are investors interested in acquiring the cooperative's assets, and negotiations for this operation continue.
According to the edict of the commercial court number 1 of Castellón de la Plana, which supervises the process, the bankruptcy's common phase came to an end on January 8, giving start to the liquidation phase. This step implies the possible dissolution of the firm -if it hasn't been dissolved yet- and "the termination of the administrators or liquidators", who will be replaced for all purposes by the insolvency administrator. In addition, the court's edict also implies the early termination of the bankruptcy claims that have been deferred and the conversion into money "of those that consist of other benefits".
The insolvency administrator's report has already analyzed the financial situation of the company, its assets, and liabilities. The list of plaintiffs in the court documents includes about twenty companies and individuals, as well as other actors, such as Banco Santander, Caixabank, Caja Rural San José de Nules (Cajamar), BBVA, and also the Provincial Council of Castellón. At the time, the debt was estimated at 21 million euros in total, most of which would correspond to banks.
In addition, in October of last year, it was also announced that some of the 650 members of the cooperative, who were given the freedom to dispose of their fruit and market it in other ways, would also appear as creditors of the firm given that the liquidation of the last campaign had not been paid yet.
However, the entry into the liquidation phase does not exclude the possibility of an agreement with external investors to acquire the cooperative's assets; in fact, it's been confirmed that several companies have shown interest in continuing with the citrus activity at the firm's facilities. The facilities and other assets should be sold in a single lot, thus facilitating the continuity of operations.
Source: castellonplaza.com