Chiquita Brands International, the parent of the well-known banana supplier, will file its previously announced bankruptcy plan with a Cincinnati federal court today, a company spokeswoman said.
The plan, which involves about $949 million of the holding company's publicly traded debt, will reduce the Cincinnati-based company's overall debt and accrued interest by more than $700 million and cut its future annual interest expense by about $60 million.
Chiquita expects to emerge from Chapter 11 bankruptcy protection within three to four months, said the spokeswoman, Mr Magnes Welsh.
The plan will be filed in US Bankruptcy Court for the Southern District of Ohio, Western Division.
