The company first filed for protection in July 2021 in a move made to meet contractual obligations to its member growers. This happened as the company faced uncertainty presented by an ongoing class-action lawsuit. The settlement and plan of reorganization will allow USTC to honor its commitments worldwide and emerge from bankruptcy in a better position to serve its 550+ member growers, 200+ employees, suppliers and customers. Details of the agreement will be provided in the ordinary course of obtaining formal court approval of the settlement and USTC’s plan of reorganization.
“USTC is healthy and set for a sustainable, successful future,” added House. “Throughout the bankruptcy process we have fulfilled all obligations to all stakeholders: our customers, grower-members, vendors and employees. Going forward we will continue to do so, stronger than ever.”
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 has announced plans to exit bankruptcy in the summer of 2022.){kind=link}