Chiquita's bankruptcy and reorganisation plan will become effective on March 19 and it will begin trading its new securities on March 20.

The company also announced that its subsidiary Chiquita Brands, has entered into a 'multi-year, $130million amended credit facility and $70m term loan'. The new facility carries a lower interest rate and increases the credit limit by $10m.

'Today's bankruptcy court approval of our chapter 11 plan is a major step toward completion of our financial restriucturing,' said Chiquita chairman and ceo Steven Warshaw. 'SWe believe we have achieved the best possible balance among the interests of all the company's stakeholders.' The reorganisation plan, under chapter 11 of the US federal bankruptcy code, involves only the company's publicly held debt and equity securities of holding company Chiquita Brands International. Other creditors, assets, strategy and ongoing operations have been unaffected by the company filing for bankruptcy. Its subsidiaries have continued to operate as normal.

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