Chiquita claims it is now a 'healthy company with solid financial structure.' The firm's plan of reorganisation has gone into effect just 111 days after its filing.
Under the plan it will issue 40 million shares of common stock, 13.3m warrants and $250m of 10.56 per cent senior notes – which all began trading on New York's stock exchange on March 20.
The scheme has reduced the company's debt and accrued interest by more than $700m, and its annual interest expense by more than $60m.
Those holding Chiquita's old senior notes and preferred stock are due to receive their new securities shortly.
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