TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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Top 5 Apps for Organizing
Mar 7, 2019If you’re like most of us, we try to stay organized in business and life, but it gets increasingly complicated…
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The Importance of Stretching
Mar 7, 2019Every personal trainer and athletic coach I have ever worked with has stressed the importance of stretching. When working out…
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SFNet's 40 Under 40 Award Winners Panel Recap
Mar 6, 2019Moderator: Samantha Alexander, regional underwriting manager, Wells Fargo Capital Finance’s Corporate Asset Based Lending group and 2016 CFA 40 Under…
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SFNet's Inaugural YoPro Leadership Summit
Mar 6, 2019The Secured Finance Network brought together the next generation of commercial finance leaders for a full day of learning and…
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It’s a Marathon, Not a Sprint
Aug 22, 2018I was recently invited to participate in an executive panel to answer questions from a credit training class comprised of...
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It’s Not Too Late – Five Member Benefits to Cash In On Now
Aug 1, 2018As we hit the half way mark on calendar year 2018, it is a good time to take stock and…
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It’s Time To Break Up With Your Phone
Jul 18, 2018Do I have your attention? Let’s be honest here: do you have the attention span to read this article? Compared…
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Lien Management – What You Need to Know
Jun 6, 2018UCC filing is the cornerstone of all loans and every lien portfolio...
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Potential Impacts of Blockchain on Commercial Lending
Jan 15, 2018By Raja Sengupta, Executive Vice President and General Manager, Wolters Kluwer’s Lien Solutions When it comes to the rising importance…
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How to be a Good Leader
Dec 5, 2017I know what you’re thinking…another article about how to be a good leader? The short answer is yes…but this time,…
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Fintech and Due Diligence – Disruptors and Established Firms Evolve
Oct 30, 2017The fintech sector has gone through a number of manifestations in the past two decades.
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A Commercial Banker’s Tickler Transition Plan
Oct 18, 2017Just do a keyword search for “bank tickler,” and you’ll quickly realize that banks are still heavily reliant on manual…
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Understanding and Developing Your Personal Brand: Four Steps to a More Intentional Career Progression
Sep 5, 2017It is imperative for individuals to have a general idea about their future career aspirations, just as companies should have clearly defined strategies.
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Selecting a Technology Vendor: 3 Questions to Ask
Jul 5, 2017As with anything else at your bank, selecting a technology vendor can be a challenging decision. Users from across different…
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Why Back-Office Lending Automation Enhances Customer Satisfaction
Apr 25, 2017Every bank strives to keep its customers happy. Of course, some institutions are better at achieving this goal than…
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The Lost Art of the Loan Purchase
Mar 2, 2017Purchasing a loan directly from a bank whether at par or discount is a not-often-used technique that is easily…
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Audit Prep: Why a Paperless Approach Makes Sense
Feb 15, 2017How much time does your financial institution spend preparing for audits? We recently surveyed 187 community banks, and the results…
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Back Office Support Services: Helping you approve more clients
Feb 7, 2017How many times have you come across a potential client who’s financials are either not up to date, not accurate,…
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“All Assets” is the Key When Drafting UCC-1 Financing Statement Collateral Descriptions
Jan 30, 2017Even when prepared by outside or in-house counsel, many lenders pay close attention to draft UCC financing statements before they…
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Paper Loan Files: Does Your Bank Know the True Cost?
Jan 12, 2017Sure, there’s a tangible cost associated with deploying an electronic loan imaging system. Software, support, and scanning hardware are just…
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July 13, 2023
Source: GlobeNewswire
Company To Pursue Sale of Business Under Section 363 of the Bankruptcy Code; Group of Existing Investors to Serve as Stalking Horse Bidder and $10 Million Debtor-in-Possession Financing Secured to Support Ongoing Operations and Chapter 11 Process as Focus Continues on Danville Virginia Farm and Microgreens Products
Newark, NJ, July 13, 2023 (GLOBE NEWSWIRE) -- AeroFarms, Inc. (“AeroFarms” or the “Company”), a global leader in indoor vertical farming, today provided an update on its business and its Chapter 11 case. While the Company and its advisors work with stakeholders and other interested parties towards the successful resolution of its Chapter 11 case, AeroFarms’ strategic focus remains on its commercial indoor vertical farm in Danville, Virginia that continues to scale and meet increased demand for its award-winning microgreens.
On Tuesday, July 11, 2023, AeroFarms filed with the United States Bankruptcy Court in Delaware (the “Court”) Case No. 23-10737, a supplement to a previously filed Motion to Approve Bid Procedures for Court approval to enter into an Asset Purchase Agreement (“APA”) and designate a Stalking Horse bidder. The Company seeks to conduct an auction to sell Company assets under Section 363 of the Bankruptcy Code (“363 Sale”), while it continues ordinary operations of the business.
On July 10, 2023, the Company signed an APA with AF NewCo, Inc. (“AF NewCo”), a newly formed entity owned by a group of existing investors including Grosvenor Food & AgTech, INGKA Investments Ventures US BV, Cibus Fund, ACEG Beteiligungsgesellschaft mbH. The APA calls for AF NewCo to act as Stalking Horse Bidder to acquire Company assets.
The bidding procedures and timeline for the auction, which are subject to approval by the Bankruptcy Court contemplate a prompt sale of Company’s assets to provide clarity on the future of the Company to customers, vendors, and employees, as well as place AeroFarms on a pathway to success. Subject to the Court’s calendar, the Company is seeking entry of an order from the Bankruptcy Court confirming the results of the 363 Sale on or before August 22, 2023.
AF NewCo also provided a Debtor-In-Possession (“DIP”) loan of $10 million, and under the terms of the APA will be credit bidding its DIP, assuming substantial operating liabilities and funding the wind-down of the Chapter 11 proceedings.
The Company recently received Court approval to continue paying employees, vendors and other entities in the ordinary course of business and will utilize the funding provided by the DIP loan to do so.
In addition, the Company recently announced the expanded retail availability of its award-winning microgreens at both Walmart and Stop & Shop across the Mid-Atlantic and Northeast, respectively. This expansion follows the national expansion with Amazon Fresh online and at all Amazon Fresh grocery store locations, building on AeroFarms successful national launch with Whole Foods Market in 2022, which marked an industry-first for an indoor leafy greens grower to be part of Whole Foods Market Global Planogram.
“We are excited by the growing customer demand for our market leading microgreens and to be expanding our retail presence and look forward to emerging stronger and better positioned to prosper into the future,” said Guy Blanchard, President of AeroFarms. “We will continue to work in close cooperation with all of our stakeholders to conduct our financial and operational restructuring, which will position us for long-term success.”
Court filings and other documents related to the reorganization proceedings are available on a separate website administered by the Company's claims agent, Omni, at www.omniagentsolutions.com/aerofarms or www.deb.uscourts.gov, the official Bankruptcy Court website.
The Company will continue to provide regular updates as specific elements of its strategic plan and Chapter 11 filing meet targeted milestones.
AeroFarms is represented by DLA Piper as counsel, Cloudpoint Capital as investment banker, and ICR, Inc. as strategic communications advisor.
About AeroFarms
Since 2004, AeroFarms has been leading the way for indoor vertical farming and championing transformational innovation for agriculture. AeroFarms is a Certified B Corporation. Named one of the World’s Most Innovative Companies by Fast Company two years in a row and one of TIME’s Best Inventions in Food, AeroFarms patented, award-winning indoor vertical farming technology provides the optimal conditions for healthy plants to thrive, taking agriculture to a new level of precision, food safety, and productivity while using up to 95% less water and no pesticides versus traditional field farming. Its products can be found at major retail selling partners like Ahold Delhaize, Amazon Fresh, Baldor Specialty Food, Compass Group, Harris Teeter, H-E-B, ShopRite, The Fresh Market, Walmart, and Whole Foods Market. For additional information, visit: https://aerofarms.com/.
Newark, NJ, July 13, 2023 (GLOBE NEWSWIRE) -- AeroFarms, Inc. (“AeroFarms” or the “Company”), a global leader in indoor vertical farming, today provided an update on its business and its Chapter 11 case. While the Company and its advisors work with stakeholders and other interested parties towards the successful resolution of its Chapter 11 case, AeroFarms’ strategic focus remains on its commercial indoor vertical farm in Danville, Virginia that continues to scale and meet increased demand for its award-winning microgreens.
On Tuesday, July 11, 2023, AeroFarms filed with the United States Bankruptcy Court in Delaware (the “Court”) Case No. 23-10737, a supplement to a previously filed Motion to Approve Bid Procedures for Court approval to enter into an Asset Purchase Agreement (“APA”) and designate a Stalking Horse bidder. The Company seeks to conduct an auction to sell Company assets under Section 363 of the Bankruptcy Code (“363 Sale”), while it continues ordinary operations of the business.
On July 10, 2023, the Company signed an APA with AF NewCo, Inc. (“AF NewCo”), a newly formed entity owned by a group of existing investors including Grosvenor Food & AgTech, INGKA Investments Ventures US BV, Cibus Fund, ACEG Beteiligungsgesellschaft mbH. The APA calls for AF NewCo to act as Stalking Horse Bidder to acquire Company assets.
The bidding procedures and timeline for the auction, which are subject to approval by the Bankruptcy Court contemplate a prompt sale of Company’s assets to provide clarity on the future of the Company to customers, vendors, and employees, as well as place AeroFarms on a pathway to success. Subject to the Court’s calendar, the Company is seeking entry of an order from the Bankruptcy Court confirming the results of the 363 Sale on or before August 22, 2023.
AF NewCo also provided a Debtor-In-Possession (“DIP”) loan of $10 million, and under the terms of the APA will be credit bidding its DIP, assuming substantial operating liabilities and funding the wind-down of the Chapter 11 proceedings.
The Company recently received Court approval to continue paying employees, vendors and other entities in the ordinary course of business and will utilize the funding provided by the DIP loan to do so.
In addition, the Company recently announced the expanded retail availability of its award-winning microgreens at both Walmart and Stop & Shop across the Mid-Atlantic and Northeast, respectively. This expansion follows the national expansion with Amazon Fresh online and at all Amazon Fresh grocery store locations, building on AeroFarms successful national launch with Whole Foods Market in 2022, which marked an industry-first for an indoor leafy greens grower to be part of Whole Foods Market Global Planogram.
“We are excited by the growing customer demand for our market leading microgreens and to be expanding our retail presence and look forward to emerging stronger and better positioned to prosper into the future,” said Guy Blanchard, President of AeroFarms. “We will continue to work in close cooperation with all of our stakeholders to conduct our financial and operational restructuring, which will position us for long-term success.”
Court filings and other documents related to the reorganization proceedings are available on a separate website administered by the Company's claims agent, Omni, at www.omniagentsolutions.com/aerofarms or www.deb.uscourts.gov, the official Bankruptcy Court website.
The Company will continue to provide regular updates as specific elements of its strategic plan and Chapter 11 filing meet targeted milestones.
AeroFarms is represented by DLA Piper as counsel, Cloudpoint Capital as investment banker, and ICR, Inc. as strategic communications advisor.
About AeroFarms
Since 2004, AeroFarms has been leading the way for indoor vertical farming and championing transformational innovation for agriculture. AeroFarms is a Certified B Corporation. Named one of the World’s Most Innovative Companies by Fast Company two years in a row and one of TIME’s Best Inventions in Food, AeroFarms patented, award-winning indoor vertical farming technology provides the optimal conditions for healthy plants to thrive, taking agriculture to a new level of precision, food safety, and productivity while using up to 95% less water and no pesticides versus traditional field farming. Its products can be found at major retail selling partners like Ahold Delhaize, Amazon Fresh, Baldor Specialty Food, Compass Group, Harris Teeter, H-E-B, ShopRite, The Fresh Market, Walmart, and Whole Foods Market. For additional information, visit: https://aerofarms.com/.
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