Apparently Alvarez and Marsal has been hired to succeed where Lazard has failed.Sphere: Related Content Print this post
Thursday, January 15, 2009
Posted by Tyler Durden at 3:31 PM
Death Watch candidate, greenhouse tomato producer and employer of illegal immigrants, Eurofresh Farms, does not disappoint. The Company earlier filed an 8-K saying it will not pay interest on its 11.5% Senior Notes due 2013, but before bondholders scream bloody murder, "the non-payment does not constitute an event of default under the indenture" and that this is just a testing of whether this whole grace period things works....kinda like exactly a year ago when it did the same thing. Furthermore, Eurofresh "has initiated a strategic alternatives review process to take advantage of current market opportunities to enhance the capital structure." Well, they obviously know something Lazard doesn't cause last time we checked "market opportunities" thought that Nortel wasn't a very appropriate DIP candidate. It is likely that secured lender Silverpoint will just say enough, and take over the few hundred or so tomatoes that its secured credit facility is financing.
Labels: it is spelled "tomatos"