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.