Country Fresh Holding Co., a supplier of fresh-cut fruits and vegetables and ready-to-go meals, has filed for bankruptcy and is planning to sell all or most of its assets in the U.S. and Canada after pressures arising from the coronavirus pandemic, WSJ Pro Bankruptcy reported. The Woodlands, Texas-based Country Fresh, part of the Fresh Food Group, has named private-equity firm Stellex Capital Management LLC as the lead bidder for most of its assets after filing for chapter 11 protection on Monday in the U.S. Bankruptcy Court in Houston. Three other affiliates in Canada are expected to also file proceedings under Canada’s equivalent of chapter 11, according to court papers. The proposed sale, subject to higher offers, would put Stellex in control of the company’s U.S. and Canadian assets out of bankruptcy, with the exception of a facility in Vancouver and its associated operations, in exchange for $30 million in cash and $25 million in secured debt. Stellex will roll those assets into a to-be-formed company while assuming certain liabilities, court papers said. The Fresh Food Group began in 1999 with the inception of Country Fresh LLC. Initially, the company focused on providing fresh-cut fruit and vegetables in a variety of blends, sizes, and packaging options, according to court papers.
