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AppHarvest files for bankruptcy | News

Kentucky-based agricultural technology company AppHarvest filed for bankruptcy amid doubts about the business’ future.

The company, which has built some of the world’s largest indoor farms, announced plans Monday morning for “a financial and operational transition” that includes filing for bankruptcy. Recent media reports have highlighted turmoil associated with the company, such as a lease termination and facility foreclosures.

An attorney for AppHarvest filed documents late Sunday night in the Southern District of Texas U.S. Bankruptcy Court. The case is assigned to Judge David R. Jones.

A company press release said AppHarvest’s course correction plan revolves around the bankruptcy filing. Additionally, the company has a commitment from creditor Equilibrium for $30 million of debtor-in-possession financing to support its operations in Morehead, Richmond and Somerset. The financing is subject to the court’s approval.

Earlier in July, the Lexington Herald-Leader reported that the property owner of AppHarvest’s Berea facility wanted to terminate the company’s lease. As part of its plan, AppHarvest wants to transfer its Berea operations to distribution partner Mastronardi Produce or an affiliate at the cost of $3.75 million, along with additional support. This, too, is subject to court approval.

AppHarvest’s stock price was $0.33 at the close of business

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July 28, 2023 by ATTORNEY

Bankruptcy judge rejects fire victims’ new attempt at full compensation

In December, a giant hedge fund known as the Baupost Group told a federal bankruptcy court judge that it could be entitled to additional compensation from Pacific Gas & Electric Co. because false company statements inflated its stock value ahead of its 2019 bankruptcy.

But wildfire victims who tried the same gambit were denied by the same judge on Friday and were told PG&E will not be required to add money to the underfunded Fire Victim Trust.

“Victims have been taken advantage of throughout this bankruptcy case,” Tubbs Fire victim and advocate Will Abrams said. “This (was) a way to maybe get a little more justice and a little more money going to victims who have suffered enough from these fires.”

Lawyers for thousands of fire victims joined Abrams in asking Judge Dennis Montali for time to compose a plan for PG&E to bolster its payments to fire victims, based on the impact its alleged misrepresentations had on stock prices.

But, Montali ruled that allowing victims to amend their claims went against legal precedent and could undo the bankruptcy agreement.

“I find that Mr. Abrams’ motion, though well intended perhaps, is absolutely without any foundation in the law and facts,”

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March 30, 2023 by ATTORNEY
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