"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."
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.
