AGRICULTURE

Cadiz in Pact to Take Sun World Out of Bankruptcy: The Rancho Cucamonga-based agricultural development firm said it has agreed to acquire Sun World International Inc., a Bakersfield agricultural concern currently operating under Chapter 11 bankruptcy protection, for about $175 million. As part of the reorganization, Cadiz Land Co. will pay $153 million to Sun World’s secured lenders through a restructuring of existing debt, about $15 million in cash will be used to settle unsecured creditors’ claims and about $10 million in stock will be issued to Cadiz for reducing loan principal and for consideration to Sun World’s current stockholders. In addition, Cadiz will infuse $15 million into Sun World to eliminate the latter’s requirement to have any additional debt facilities beyond those owed to its existing secured creditors.