Prima, a private-equity backed California farmer that is the largest producer of peaches and other stone fruit in North America, has filed for Chapter 11 bankruptcy protection in Delaware. The company, owned by private equity firm Paine Schwartz Partners, has about $679 million in debt. It plans to sell its business in bankruptcy, according to court documents filed Friday. Prima farms peaches, nectarines, plums and apricots on its 18,000 acres of farmland in the San Joaquin Valley.
Prima has struggled under its high debt load, and it has also faced significant setbacks since 2020, including a salmonella outbreak that led to a recall of peaches in the U.S. and the 2020 Creek Fire in the Sierra National Forest, which damaged orchards and reduced crop yields and quality.
Source: timesofsandiego.com