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Strawberry Fields For Sale
On Oct. 3, 2018, the United States Bankruptcy Court for the Central District of California (Los Angeles) confirmed the Chapter 11 Liquidating Plan of Eclipse Berry Farms, LLC and its affiliated companies. Confirmation of the plan concluded a two-year journey from one of the largest strawberry growers in the country, with nearly $230,000,000 in annual revenue, to the cessation of operations and eventual liquidation.
An agricultural Chapter 11 case brings a unique set of circumstances generally not often prevalent in other Chapter 11 cases. Robert Marcus, an Illinois attorney specializing in food and agricultural matters, served as Chief Restructuring Officer of Eclipse and guided a team of professionals who transitioned more than 3,000 jobs, sold substantially all of Eclipse's assets, avoided a $22,000,000 secured lien, and produced more than $13,000,000 for the benefit of creditors in less one year after filing for bankruptcy.
The History of Eclipse
At its origins, Eclipse began with a 240-acre farming operation in Oxnard, CA, which over time expanded its farming operations into Salinas, CA (Monterey County) and Santa Maria, CA (Santa Barbara County). At its peak, Eclipse had a 2,500-plus acre farming operation and more than 3,000 employees working in offices and on farmland across its various leased farms and offices in Northern and Southern California. Eclipse did not own any of the real property on which it operated its farms or its offices, and was counterparty to more than 25 leases of real property.
Eclipse's core operation was farming strawberries and its expanded operations allowed it to offer an extended growing season over many of its competitors. Eclipse's customer base included national retailers, brokers/wholesalers, and processors. In order to provide its extensive customer base with year-round strawberries, Eclipse also entered into supply agreements with strawberry growers in California, Florida and Mexico.
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