Latest news with #PlentyUnlimited
Yahoo
26-03-2025
- Business
- Yahoo
Plenty Unlimited enters Chapter 11 bankruptcy proceedings
Plenty Unlimited has filed for Chapter 11 bankruptcy protection to keep the US-based vertical-farming business afloat as it restructures operations. The California-based company filed for bankruptcy in the Southern District of Texas court as it seeks to 'restructure its liabilities, streamline operations and focus its go-forward operations'. In a statement dated 23 March, Plenty said it has also received a "commitment" for debtor-in-possession (DIP) financing of $20.7m. Founded in 2014 by Dr Nate Storey and former CEO Matt Barnard, Plenty started out producing leafy greens and herbs in a controlled indoor environment and had partnered with long-time investor and fruit grower Driscoll's. The business had recently been branching out into strawberries and entered into a joint venture last year in the UAE with Mawarid Holding Investment, a subsidiary of publicly-listed Alpha Dhabi Holding. Plenty now aims to focus on the 'premium' strawberry market, according to the statement, which named Dan Malech as interim CEO. Arama Kukutai was appointed to head up the business early in 2022 but it is unclear if he has left the company, with no mention of any departure on his LinkedIn page. Just Food has asked Plenty to clarify. Plenty said in the Chapter 11 statement that it will continue operating its vertical strawberry farm in Richmond, California, and its research and development facility in Laramie, Wyoming. The board-approved bankruptcy filing follows Plenty's closure of its leafy greens farm in Compton, California, as announced in a LinkedIn post earlier this year, citing a 'strategic shift' to strawberries production. Malech said Plenty 'is not immune from larger market dynamics and the fundraising challenges facing our industry', adding that "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". In 2023, Plenty entered an agreement with real estate investment trust Realty Income for up to $1bn in development funding for the firm's indoor vertical farms. US retail giant Walmart joined a $400m Series E investment round in 2022, building on $140m of Series D financing secured in 2020, which at the time took Plenty's total funding to $500m. With the venture with Mawarid Holding, Plenty planned to build five vertical farms in the UAE focused on strawberry production over five years. The total investment for the project was estimated at Dh2.5bn ($680.7m), with the first farm in Abu Dhabi valued at Dh500m. "Plenty Unlimited enters Chapter 11 bankruptcy proceedings" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Bloomberg
25-03-2025
- Business
- Bloomberg
EQT Faces French Headaches With Colisee and Cerba in Trouble
By and Constantine Courcoulas Save Welcome to The Brink. We're Edward Clark and Constantine Courcoulas, reporters in London, where we've been looking at Swedish private equity firm EQT's healthcare bets. We've also got news on 23andMe, Plenty Unlimited and Kaisa. Follow this link to subscribe. Send us feedback and tips at debtnews@ EQT just celebrated a big win in Asia, but the Swedish private equity firm is dealing with some troubles closer to home.
Miami Herald
24-03-2025
- Business
- Miami Herald
Innovative Bezos-backed food brand files Chapter 11 bankruptcy
Changing the world seems like a good business plan, but it's often a lesson in why the world worked a certain way. it's very hard to make changes. Having a better way to do things does not mean people will do it. That's especially true when whatever new thing you're doing is good for the planet. Related: Popular athletic shoe chain files for Chapter 11 bankruptcy People talk about wanting to go green, and they will also long as it does not cost more or inconvenience them in any way. Look at how people have reacted to using alternatives to plastic straws. They will, but if the replacement breaks down before they finish their drink, they complain. Very few people will put up with inferior products just because they benefit the planet. The same is true even when a product is notably better if it costs more. Even selling a better version of something people like at the same price can be a challenge. It's hard to unseat an incumbent. People know what they like and stores and restaurants tend to sell them that. There's a reason McDonald's has a huge footprint while 5 Guys, which serves better, but more expensive food, is essentially a niche player. It's hard to change the world which is a lesson Plenty Unlimited, a Jeff Bezos-backed company that uses vertical farming to grow strawberries, has learned that lesson the hard way. "It's no secret–farming can be a little dirty. Like dirt under your nails, but also dirty like land use, water waste, pollution, and contaminants on your food. At Plenty, we grow fresh, flavorful produce vertically indoors – so everything's a little…cleaner. From a controlled, indoor environment to zero-pesticide greens on your table–it's cleaner for the world and cleaner for you," the company shared on its website. That's more marketing speak than an actual description of operations. In reality, the company uses vertical farming because it takes less space. "The world's population is growing while farmable land is shrinking. Paired with a changing climate, the future of food security is feeling less secure. But we can't bury our heads in the soil so we're doing something about it," it added. More bankruptcy: Popular breakfast dining chain files for Chapter 11 bankruptcyHuge national car wash chain files Chapter 11 bankruptcyTroubled trucking company files for Chapter 11 bankruptcy Farming indoors allows the company to offer peak freshness at all times. It started with a strawberry farm, but Plenty Unlimited's goals are much bigger than that. Those goals hit a roadblock with the company's March 23 bankruptcy filing. Plenty Unlimited Inc. an agricultural technology company with an indoor vertical farming platform, has filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas in accordance with its board-approved plan to restructure its liabilities, streamline operations and focus its go-forward operations. The company reported it had between $100 and $500 million in both assets and liabilities. 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. Plenty Unlimited has received a commitment for debtor-in-possession (DIP) financing of $20.7 million. The comoany 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. Related: Struggling popular pizza chain closes locations, no bankruptcy yet "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 Interim CEO Dan Malech. "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." The company plans to continue to meet its goal of providing consumers with fresh strawberries year-round. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
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
