Bakersfield, CA – January 31, 2003 – Sun World International today received approval for the first $15 million of its up to $40 million seasonal funding along with approval from the US Bankruptcy Court to immediately pay all outstanding produce trade obligations.

'We are very pleased with the courts action today which allows us to keep our operations right on schedule,' stated Timothy Shaheen, ceo and president of Sun World. 'We were also pleasantly surprised by the bidding that occurred among two prospective seasonal lenders that significantly lowered the cost of this financing.' The company looks forward to continuing its discussions with its creditors on the restructuring of its balance sheet.

Topics