Chiquita Brands International Inc has another 30 days to complete its $855 million acquisition of bagged salad-maker Fresh Express.
Cincinnati-based Chiquita has reported that a consortium of banks financing the purchase has extended its $825m commitment on the loans to June 30. The original commitment was set to expire on June 1.
The closing has been delayed as the lenders studied Chiquita's possible liability stemming from undisclosed employee misconduct. Chiquita has said it does not believe its earnings will be hurt by any liability in the matter and that it still expects to close the deal by June 30.
The consortium includes Wachovia Bank, Goldman Sachs and Morgan Stanley.
Chiquita hopes the Fresh Express deal, first announced on February 23, will reduce its dependence on bananas and the volatile European marketplace.
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