Palm tree farmer Cocopah Nurseries Inc. filed for chapter 11 protection on Monday after an out-of-court restructuring, amid diminishing revenue, fell apart, Dow Jones Newswires reported yesterday. The company, which mainly grows and sells palm trees, but also grows citrus fruits and dates, has seen revenue fall to $23 million in 2010 from $57 million in 2006. To deal with the tight liquidity, Cocopah said, it began negotiations to restructure its debt with lenders, according to court filings. It owes $70 million on its line of credit from Rabobank and $65 million on a line of credit from Wells Fargo. It is in default on both.
