Former Eurofresh eyes bankruptcy case dismissal, cites lack of assets

By Caroline Salls

Pittsburgh, Nov. 12 - EF 23, Inc., formerly known as Eurofresh, Inc., asked the U.S. Bankruptcy Court for the District of Arizona to dismiss its Chapter 11 bankruptcy case, according to a Tuesday court filing.

The company said it sold all of its assets to Zona Acquisition Co., LLC and paid all allowed administrative claims.

EF 23 said it holds some assets belonging to Zona to complete administration of the estate, but it holds no equitable interest in any remaining assets, and there is no reasonable likelihood that a plan of reorganization will be confirmed.

While it recommends a dismissal of the case, EF 23 said it is within the court's discretion to convert the case to a liquidation under Chapter 7.

However, based on Zona's liens and investigations by counsel for the company and its unsecured creditors committee, EF 23 said there are no assets remaining in the estate and conversion would result in an unnecessary burden placed on a Chapter 7 trustee.

A hearing is scheduled for Dec. 12.

Eurofresh, a Willcox, Ariz.-based greenhouse tomato and cucumber producer, filed for bankruptcy on Jan. 27, 2013. Its Chapter 11 case number is 13-01125.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.