Plenty Reemerges From Bankruptcy With Focus on Vertical Strawberry Farming

Plenty Reemerges From Bankruptcy

Plenty Unlimited Inc., a notable player in agricultural technology, has successfully completed its Chapter 11 restructuring. This pivotal moment enables the company to pivot towards a more focused mission - the cultivation of fresh strawberries year-round, thanks to its distinctive indoor vertical farming technology. The confirmation of its reorganization plan by the U.S. Bankruptcy Court for the Southern District of Texas marks a significant turnaround for the company.

In a statement, Interim CEO Dan Malech expressed optimism: "This emergence is the start of a new, focused era for Plenty. Our technology has the power to make fresh food accessible to everyone. We're laser-focused on strawberries, expanding our growing capacity in the Richmond farm, and pursuing opportunities for our unique vertical strawberry farming technology to reach new locations."

The Richmond farm is already seeing success, with the initial planting cycle producing exceptionally sweet strawberries. As the company prepares for its second planting cycle, it is also ramping up construction to increase growing space at this crucial location.

During the Chapter 11 process, Plenty adeptly managed to resolve claims with creditors, which allows many to return to Chester, Virginia, to finish the development of growing spaces essential for the strawberry farm. Malech noted, "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."

The company has secured interim funding during this restructuring, with financial support from One Madison and SoftBank Vision Fund 2, among other investors. Omar Asali, cofounder of One Madison Group, shared his growing confidence in Plenty's innovative vertical farming approach, emphasizing its potential to revolutionize the strawberry market. "Plenty has emerged as a more focused and efficient company, poised to expand its production of premium strawberries with industry-leading partners. We aim to fill a supply gap for locally grown strawberries, ensuring high-quality products year-round."

Legal representation during the restructuring was provided by Sidley Austin LLP and Wilson Sonsini Goodrich & Rosati, while financial advisement came from Jefferies LLC and Uzzi Lall LLC.

About Plenty

Plenty is changing the agricultural landscape through its advanced technology that allows fresh produce growth almost anywhere, year-round. The company offers higher yields per acre compared to traditional farming methods while focusing on sustainability and resource conservation. With the largest vertical farming research center located in Laramie, Wyoming, and the most advanced indoor farm near Richmond, Virginia, Plenty is dedicated to bringing fresh produce to communities across the country, regardless of weather or local conditions. For more information, visit www.plenty.ag.