Chiquita Brands Seeks Bankruptcy Protection

Chiquita Brands International Inc. filed for Chapter 11 bankruptcy protection in a plan to reduce its debt by more than $700 million.

The 131-year-old company, which has lost money for the last three years, listed assets of $1.49 billion and debt of $982.3 million in its filing in U.S. Bankruptcy Court in Cincinnati.

Holders of senior notes are owed about $953 million, including interest.

The filing is part of a recovery plan that involves issuing 40 million new shares. The plan proposes swapping $863.5 million in senior notes for $250 million in new notes and about 88% of new shares issued.

Shares of Chiquita rose 5 cents to 48 cents on the NYSE.