A US judge ruled last week that Chiquita many solicit votes on its prearranged plan of reorganisation under chapter 11 of the US bankruptcy code. A disclosure statement and ballot will be sent out this week to the company's public debt and equity holders who will vote on Chiquita's restructuring plan. All ballots are due back by the end of February. The court hearing on confirmation of the plan is scheduled for March.

The company also announced last week nomination of five new board members. A new seven-member board will take up office once the company's chapter 11 debt restructure is complete. The nominees are business leaders from the finance, banking, law, government, food industry and management consulting sectors with board of director experience. They include Robert Fisher, a former president of Dole and a former chief operating officer of the banana operations of the Ecuadorian Noboa Group: the world's largest private banana company.

Topics