Bankruptcy Court OKs All Sales Of Troubled Tomato Producer’s Assets
September 9, 2013 After months of marketing, seven auctions and more than 13,000 man hours, the efforts to sell the assets of financially troubled Central Florida-based East Coast Brokers & Packers, the Madonia family, and related entities have culminated in court approval of sales totaling more than $75 million.
Back in March, facing a mountain of debt, the longtime tomato grower/shipper filed for Chapter 11 bankruptcy protection.
Four live real estate auctions, an online real estate auction, two equipment auctions, and the private sale of a condominium resulted in a grand total of $75,097,134, which was approved last week by the U.S. Bankruptcy Court – Tampa Division.
The total excludes a $2.1 million bid for the Red Rose Inn & Suites in Plant City, FL, which was rejected.
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