Kalera Inc. won approval to wind down in bankruptcy and create a liquidating trust for unsecured creditors following a sale of its assets to private equity lender Sandton Capital Partners.
The Orlando, Florida-based Kalera, fell into bankruptcy this year, ran a successful Chapter 11 case, and is entitled to wrap up its insolvency proceedings, Judge Christopher Lopez of the US Bankruptcy Court for the Southern District of Texas said at a hearing Tuesday.
While the Chapter 11 proceedings mark the end of one chapter for Kalera, the company's journey does not conclude with its bankruptcy. The sale of assets and establishment of a liquidating trust presents an opportunity for Kalera to navigate this financial restructuring while exploring potential avenues for future growth and sustainability.
So what's next for them? The Chapter 11 proceedings and the subsequent approval for asset sale and creation of a liquidating trust underscore the company's resilience in the face of financial challenges. As it moves forward, the industry will be keenly watching how Kalera leverages this resolution to chart a new course in the ever-evolving landscape of vertical farming.
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