Move follows two failed reorganisation attempts by the company recent years
One of Chile’s leading fruit exporters, Exportadora Santa Cruz, has filed for bankruptcy with debts of around CLP55bn.
It follows a second failed reorganisation process embarked on by the company in less than a year, prompting creditors to request forced liquidation due to non-compliance with the reorganisation plan.
The 1st Civil Court of Santiago declared bankruptcy on 18 March and scheduled a hearing for 30 April to finalise the voting rights process and the constitutive creditors’ meeting.
In mid-March an order was issued to seize all the company’s assets, including its books and documents, and the company has been prohibited from making payments or delivering goods to the debtor.
Founded in 1990, Exportadora Santa Cruz was a leading exporter of avocados, kiwifruit, citrus and blueberries to global markets, with a particular focus on avocado exports to the US. In recent years, it had suffered a string of financial challenges, including high debt, a fire at its facilities in 2021, and logistical challenges.
