MVA Advises Farm Credit Lending Institutions in Chapter 11 Case

Moore & Van Allen (MVA) Financial Restructuring Member Luis Lluberas led a multi-disciplinary team of MVA attorneys that advised a group of Farm Credit lending institutions in the chapter 11 cases of MVK FarmCo LLC and its eight affiliated debtors, which successfully concluded on April 15, 2024 with the consummation of a chapter 11 plan. Prior to the filing of their chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware (No. 23-11721 (LSS)), the debtors were collectively the largest producer of stone fruit in North America selling products under the Prima® Wawona brand. MVA’s clients held significant positions in three prepetition credit facilities aggregating to $678 million as well as a $43 million postpetition “DIP” credit facility. Pursuant to the chapter 11 plan, MVA’s clients and other “propco” lenders equitized their debt position and took title to the equity of Wawona Farm Co. LLC, which owns several thousand acres of productive real property located near Fresno, California.

The additional MVA attorneys advising the case were Financial Restructuring Member Gabe Mathless, Associates Matt Taylor, and Halee Smith, Corporate Member Kerry Irwin, and Associate Max Neumann, Financial Services Member Meredith Reedy, and Associate Quentin Becker, and Commercial Real Estate Counsel Paul Arena, and Greg Faltin.