X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

UMATILLA, FL-Golden Gem Growers, Florida’s largest citrus cooperative business, is reorganizing its 54-year-old operations under Chapter 11 of the U.S. Bankruptcy Code and talking with an investment group on taking over its $20 million loan with Atlanta-based SunTrust Bank.

Golden Gem filed for protection from its creditors after the bank placed a lien on its inventory and intangible property. The bank had balked at extending terms on the $20 million loan, area financial consultants familiar with the transaction tell GlobeSt.com on condition of anonymity.

The company’s estimated 300,000-sf juice-packaging plant sits on an estimated 50 acres in northeast Lake County, 35 miles northwest of Downtown Orlando. GlobeSt.com couldn’t learn if part of Golden Gem’s real estate is also under lien.

The co-op is asking the bankruptcy court to allow it to continue daily operations on a debtor-in-possession status, a request routinely granted to businesses by the court. Golden Gem, owned by 400 growers, employs 600 and is one of the largest employers in Lake County.

Golden Gem had been processing the fruit and packaging the juice under a variety of brands until two months ago when it struck a deal with Tampa, FL-based Lykes Brothers Inc. Lykes has started processing the fruit and delivering it to Golden Gem for packaging under a mix of retail labels.

Golden Gem anticipates handling five million boxes of fruit annually. Officials at Golden Gem and Lykes couldn’t be reached at GlobeSt.com’s publication deadline to learn the identity of Golden Gem’s new investment partner.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.