Orlando Vertical Farming Company Kalera Files for Chapter 11 Bankruptcy, Continues Operations During Restructuring
Orlando, FL – Kalera, a vertical farming company based in Orlando, has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas. Operating under the name “KAL” on the Nasdaq stock exchange, Kalera will continue its business operations as a “debtor-in-possession” under the jurisdiction of the bankruptcy court. The company aims to ensure minimal disruptions to its daily operations during the restructuring process. As Kalera navigates the complexities of bankruptcy, individuals in Orlando, Florida, facing similar situations can turn to USAttorneys.com to find competent bankruptcy law attorneys who can provide essential guidance and support during challenging times.
Kalera Files for Chapter 11 Bankruptcy, Maintains Operations
Kalera, the Orlando-based vertical farming company, has officially filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas. The company will continue its operations as a “debtor-in-possession” under the oversight of the bankruptcy court and in accordance with the bankruptcy code. By requesting customary relief to transition into Chapter 11, Kalera aims to ensure its daily operations can proceed without significant disruptions during the restructuring process. This strategic move allows the company to explore various alternatives to maximize value and secure its long-term viability.
Leadership Changes and Restructuring Process
As part of the restructuring process, Kalera has made significant leadership changes. Jim Leighton, the former President and CEO of Kalera, concluded his employment with the company on March 29 and resigned from the board of directors. The remaining executive management team, including Chief Operating Officer Austin Martin, Chief Financial Officer Fernando Cornejo, founder and Chief Science Officer Cristian Toma, and Senior Vice President of Human Resources Leon Lachance, will continue their roles within the company. The board members, including Chairman Curtis Williams, Robert Arnall, Brent de Jong, Sonny Perdue, and Cristian Toma, will also remain in their positions.
Kalera’s bankruptcy filing specifically includes the public limited company, Kalera PLC, while other subsidiaries such as Vindara Inc. and Iveron Materials Inc. are not part of the Chapter 11 proceedings. The company intends to leverage the court-supervised process to evaluate strategic alternatives, including the potential sale of Kalera or its assets. Mark Shapiro, a senior managing director at B. Riley Advisory Services, has been appointed as the chief restructuring officer to oversee the business and its restructuring process, ensuring a maximized value for the company.
Seeking Competent Bankruptcy Law Attorneys in Orlando, Florida
Individuals in Orlando, Florida, facing bankruptcy-related challenges can rely on the expertise of competent Orlando, Florida bankruptcy law attorneys. USAttorneys.com serves as the go-to platform for finding the most reliable and competent bankruptcy law attorneys in Orlando. The platform offers a comprehensive directory of experienced lawyers, enabling individuals to secure trusted legal representation during challenging times. These skilled bankruptcy law attorneys can provide crucial guidance to protect individuals’ interests and navigate the complexities of the bankruptcy process.
Kalera’s Chapter 11 bankruptcy filing marks a significant development for the vertical farming company based in Orlando. While undergoing restructuring, Kalera aims to continue its operations and serve its existing customer base. Individuals in Orlando, Florida, facing bankruptcy-related issues can turn to USAttorneys.com for assistance. The platform provides access to competent bankruptcy law attorneys who can offer guidance and support throughout the bankruptcy process. If you require an Orlando, Florida bankruptcy law attorney, visit USAttorneys.com to find a trusted legal advocate to safeguard your rights and support your journey towards financial recovery.