Golden Gem filed for protection from its creditors after thebank placed a lien on its inventory and intangible property. Thebank had balked at extending terms on the $20 million loan, areafinancial consultants familiar with the transaction tellGlobeSt.com on condition of anonymity.
The company's estimated 300,000-sf juice-packaging plant sits onan estimated 50 acres in northeast Lake County, 35 miles northwestof Downtown Orlando. GlobeSt.com couldn't learn if part of GoldenGem's real estate is also under lien.
The co-op is asking the bankruptcy court to allow it to continuedaily operations on a debtor-in-possession status, a requestroutinely granted to businesses by the court. Golden Gem, owned by400 growers, employs 600 and is one of the largest employers inLake County.
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