Latest news with #Malech
Yahoo
25-03-2025
- Business
- Yahoo
Vertical Farmer Plenty, Backed by Bezos, Softbank, Files Bankruptcy
(Bloomberg) -- Plenty Unlimited Inc., a vertical farming business that's drawn backing from Jeff Bezos, SoftBank Group Corp. and Walmart, has filed for bankruptcy with a lender-backed plan to either raise capital or sell the business. They Built a Secret Apartment in a Mall. Now the Mall Is Dying. Chicago Transit Faces 'Doomsday Scenario,' Regional Agency Says Why Did the Government Declare War on My Adorable Tiny Truck? LA Faces $1 Billion Budget Hole, Warns of Thousands of Layoffs New York Subway Ditches MetroCard After 32 Years for Tap-And-Go The company on Sunday sought court protection in Texas listing more than $100 million in assets and liabilities on its Chapter 11 petition. The business comes to bankruptcy with a deal that will explore a sale of Plenty's assets or an alternative restructuring that would raise additional cash. Plenty joins other vertical farming companies that have gone bankrupt in recent years as well as a string of agriculture firms that have filed Chapter 11 so-far this year. TreeSap Farms LLC, a tree and plant supplier, sought protection last month followed by soybean seed developer Benson Hill Inc. which filed Chapter 11 last week. Plenty's backers include New York investment firm One Madison Group, Walmart and SoftBank's Vision Fund, which has funneled more than $400 million into the company, Bloomberg News reported in January. The company had been in talks to raise additional financing that would virtually wipe out exiting shareholders, Bloomberg reported. Affiliates of One Madison Group and Softbank have offered to provide the business with as much as $20.7 million in additional financing, according to court documents. The lenders earlier provided Plenty with an $8.6 million bridge loan to prepare for a potential restructuring and prevent the company from shutting down, court papers say. Plenty Interim Chief Executive Officer Daniel Malech said in a court filing that the company has closed a farm in Compton, California focused on growing leafy greens and is shifting its focus toward a state-of-the-art strawberry-growing facility in Richmond, Virginia. The fruit is 'a premium product for which demand persistently exceeds supply' and the company has been able to begin producing high-quality strawberries after nearly all construction work on the Virginia farm was halted in November, Malech said. Plenty has incurred losses since its inception and Malech blamed the bankruptcy on macroeconomic factors. Although the company has been successful in raising equity in the past, Plenty has been unable to do so since 2022, he said. The company is scheduled to make its first appearance in bankruptcy court on Monday. The case is Plenty Unlimited Texas LLC, number 25-90105, in the US Bankruptcy Court for the Southern District of Texas. --With assistance from Kate Clark. A New 'China Shock' Is Destroying Jobs Around the World How TD Became America's Most Convenient Bank for Money Launderers The Richest Americans Kept the Economy Booming. What Happens When They Stop Spending? Tesla's Gamble on MAGA Customers Won't Work One Man's Crypto Windfall Is Funding a $1 Billion Space Station Dream ©2025 Bloomberg L.P. Sign in to access your portfolio
Associated Press
23-03-2025
- Business
- Associated Press
PLENTY UNDERTAKES RESTRUCTURING PROCESS TO SUPPORT FOCUS ON PREMIUM STRAWBERRY MARKET
Company Initiates Voluntary Chapter 11 Proceeding to Reorganize its Business Company Secures $20.7 Million in Debtor-in-Possession Financing to Maintain Operations Throughout Chapter 11 Process SAN FRANCISCO, March 23, 2025 /PRNewswire/ -- Plenty Unlimited Inc. ('Plenty' or the 'Company'), an innovative agricultural technology company with a unique indoor vertical farming platform, today announced that it has filed voluntary petitions under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (the 'Court') in accordance with its Board-approved plan to restructure its liabilities, streamline operations and focus its go-forward operations. The Company will continue to operate its Richmond, Virginia, vertical strawberry farm and Laramie, Wyoming, plant science research and development (R&D) facility throughout the restructuring process. The Company has also received a commitment for debtor-in-possession (DIP) financing of $20.7 million. Plenty has filed a motion seeking approval of the DIP financing and, upon approval, the DIP financing is expected to provide Plenty with the necessary liquidity to support its operations throughout the planned process. 'Plenty's advanced technology is transforming indoor farming, removing the unpredictability of Mother Nature and making it possible to create a stable supply of fresh produce with peak-season flavor year-round almost anywhere in the world,' said Dan Malech, Plenty's Interim CEO. 'However, our Company is not immune from larger market dynamics and the fundraising challenges facing our industry. After evaluating all of our strategic alternatives, we have determined that pursuing this restructuring process is in the best interests of all of the Company's stakeholders.' Mr. Malech continued, 'We are fortunate to have stakeholders who support and believe in our mission to make fresh food accessible to everyone, everywhere. The restructuring will position us to continue working toward that mission by expanding our production of premium strawberries with industry-leading partners and filling a supply gap in the market to meet consumer demand for locally grown, high-quality strawberries year-round.' In addition to seeking approval of the DIP financing, Plenty has filed a number of customary motions seeking authorization to support its operations during the court-supervised process, including authority to pay wages and provide health and other employee benefits. Additional information regarding the process can be found at a website administered by Plenty's claims agent, Stretto, Inc. Information is also available by calling 855-994-4202(Toll-Free) and 847-610-7823 (International). Sidley Austin LLP and Wilson Sonsini Goodrich & Rosati are serving as the Company's legal counsel. Jefferies LLC and Uzzi & Lall LLC are serving as financial advisors. Davis Polk & Wardwell LLP and Sullivan and Cromwell LLP are representing certain providers of the DIP financing. About Plenty Plenty is rewriting the rules of agriculture through its technology platform that can grow fresh produce almost anywhere in the world, year-round, with peak-season quality and up to 350x more yield per acre than conventional farms. Plenty farms are the world's highest-efficiency system for converting electricity into fresh fruits and vegetables. Plenty's proprietary approach is designed to preserve the world's natural resources, make fresh produce available to all communities and create resilience in our food systems against weather, location, pests and climate impacts. Plenty operates the world's largest vertical farming research center in Laramie, Wyoming, and the world's most advanced indoor farm near Richmond, Virginia. For more information, visit
Yahoo
23-03-2025
- Business
- Yahoo
PLENTY UNDERTAKES RESTRUCTURING PROCESS TO SUPPORT FOCUS ON PREMIUM STRAWBERRY MARKET
Company Initiates Voluntary Chapter 11 Proceeding to Reorganize its Business Company Secures $20.7 Million in Debtor-in-Possession Financing to Maintain Operations Throughout Chapter 11 Process SAN FRANCISCO, March 23, 2025 /PRNewswire/ -- Plenty Unlimited Inc. ("Plenty" or the "Company"), an innovative agricultural technology company with a unique indoor vertical farming platform, today announced that it has filed voluntary petitions under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (the "Court") in accordance with its Board-approved plan to restructure its liabilities, streamline operations and focus its go-forward operations. The Company will continue to operate its Richmond, Virginia, vertical strawberry farm and Laramie, Wyoming, plant science research and development (R&D) facility throughout the restructuring process. The Company has also received a commitment for debtor-in-possession (DIP) financing of $20.7 million. Plenty has filed a motion seeking approval of the DIP financing and, upon approval, the DIP financing is expected to provide Plenty with the necessary liquidity to support its operations throughout the planned process. "Plenty's advanced technology is transforming indoor farming, removing the unpredictability of Mother Nature and making it possible to create a stable supply of fresh produce with peak-season flavor year-round almost anywhere in the world," said Dan Malech, Plenty's Interim CEO. "However, our Company is not immune from larger market dynamics and the fundraising challenges facing our industry. After evaluating all of our strategic alternatives, we have determined that pursuing this restructuring process is in the best interests of all of the Company's stakeholders." Mr. Malech continued, "We are fortunate to have stakeholders who support and believe in our mission to make fresh food accessible to everyone, everywhere. The restructuring will position us to continue working toward that mission by expanding our production of premium strawberries with industry-leading partners and filling a supply gap in the market to meet consumer demand for locally grown, high-quality strawberries year-round." In addition to seeking approval of the DIP financing, Plenty has filed a number of customary motions seeking authorization to support its operations during the court-supervised process, including authority to pay wages and provide health and other employee benefits. Additional information regarding the process can be found at a website administered by Plenty's claims agent, Stretto, Inc. Information is also available by calling 855-994-4202(Toll-Free) and 847-610-7823 (International). Sidley Austin LLP and Wilson Sonsini Goodrich & Rosati are serving as the Company's legal counsel. Jefferies LLC and Uzzi & Lall LLC are serving as financial advisors. Davis Polk & Wardwell LLP and Sullivan and Cromwell LLP are representing certain providers of the DIP financing. About PlentyPlenty is rewriting the rules of agriculture through its technology platform that can grow fresh produce almost anywhere in the world, year-round, with peak-season quality and up to 350x more yield per acre than conventional farms. Plenty farms are the world's highest-efficiency system for converting electricity into fresh fruits and vegetables. Plenty's proprietary approach is designed to preserve the world's natural resources, make fresh produce available to all communities and create resilience in our food systems against weather, location, pests and climate impacts. Plenty operates the world's largest vertical farming research center in Laramie, Wyoming, and the world's most advanced indoor farm near Richmond, Virginia. For more information, visit View original content: SOURCE Plenty Unlimited Inc. Sign in to access your portfolio
