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Chapter 11 Proceedings Help Troubled Florida Tomato Producer Out Of The Red

Avatar for Paul Rusnak Posted by Paul Rusnak|September 25, 2015

The Tampa division of the U.S. Bankruptcy Court has approved the sale of $11.3 million in assets as part of Chapter 11 proceedings for Wauchula, FL-based tomato operation Grainger Farms Inc.

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The court’s ruling confirmed the recent auction of 1,151 acres of farmland. Murray Wise Associates marketed the land and managed the auction in cooperation with Crosby & Associates. A related auction of machinery, managed by Weeks Auction, added another $1.1 million to the total.

According to Murray Wise Associates, the auction of the farmland in Hendry and Collier counties attracted 80 participants, including 36 registered bidders. Emerging as the high bidder for all the land was Gargiulo Inc., which paid $11,320 per farmable acre.

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Paul Rusnak is the Senior Online Editor of American Vegetable Grower, American Fruit Grower, and Greenhouse Grower magazines, all Meister Media Worldwide brands. He is based in Northeast Florida. See all author stories here.