Plenty Unlimited Inc. has formally exited Chapter 11 bankruptcy proceedings, completing a swift restructuring process just over two months after filing for protection on 23 March 2025. The U.S. Bankruptcy Court for the Southern District of Texas confirmed the company's plan of reorganization, enabling Plenty to resume operations with a more focused strategy and strengthened financial backing.
"This emergence is the start of a new, focused era for Plenty," said Dan Malech, Interim CEO of Plenty. "Our technology has the power to make fresh food accessible to everyone. To accelerate our impact, we are laser-focused on strawberries. We're expanding the growing capacity in the Plenty Richmond farm and pursuing opportunities to bring Plenty's vertical strawberry farming technology to new locations."
Construction resumes in Virginia
Following the confirmation of its reorganization plan, Plenty has resumed construction at its Richmond strawberry facility. The indoor vertical farm, located in Chesterfield County, had previously faced delays and litigation from contractors over unpaid work. However, court filings and statements made during the bankruptcy proceedings confirm that construction counterparties have committed to completing the build-out.
"There is complete consensus from our construction counterparties to complete the build-out of our Richmond facility, and committed capital to fund our operations for the foreseeable future," said Anthony Grossi, an attorney for Plenty, during the confirmation hearing. The Richmond site, which has already produced an initial crop of strawberries, is preparing for a second planting cycle. Expansion of the facility's growing space is now underway. The company will also continue operations at its Laramie, Wyoming plant science R&D facility, according to court documents filed during the restructuring process.
New capital structure and stakeholder support
Plenty's plan of reorganization was backed by existing investors, including One Madison Group and SoftBank Vision Fund 2, who provided interim debtor-in-possession (DIP) financing and subsequent exit capital. Additional unnamed investors have also contributed to the post-emergence funding round. "We appreciate the strong support we've received from our stakeholders and business partners, whose belief in Plenty made it possible for us to complete this process swiftly," said Malech.
"My conviction in the power of Plenty's groundbreaking and innovative vertical farming platform to transform the future of crops like berries has deepened in the last few years," said Omar Asali, co-founder of One Madison Group. "As a result of this process, Plenty has emerged as a more focused and efficient company, poised to expand its production of premium strawberries with industry-leading partners."
For more information:
Plenty
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www.plenty.ag