U.S. vertical farming company AeroFarms has filed for chapter 11 bankruptcy protection, VerticalFarmDaily.com reported. The company has secured $10 million in financing from existing investors to support their operations during the process. The company's CEO, David Rosenberg, will step down, and the CFO, Guy Blanchard, will take on additional responsibilities as the President of AeroFarms. Despite the challenges faced by the industry, the company says their farm in Danville, Va., is performing well, and they aim to continue serving their customers and expanding their business. They have engaged legal, financial and communications advisors to assist them during this process. The company has entered into an agreement with an existing group of AeroFarms investors to provide $10 million in debtor-in-possession (DIP) financing, as part of a larger round of financing that includes those investors.
