Black Diamond Buys Sun World Assets
From Times Staff Reports
The assets of California fruit and vegetable grower Sun World International Inc. have been acquired in a Bankruptcy Court auction by private investment firm Black Diamond Capital Management for $127.8 million.
Sun World, based in Coachella and Bakersfield, filed for Chapter 11 bankruptcy protection in January 2003. The subsidiary of the water company Cadiz Inc. owns about 17,000 acres in the San Joaquin and Coachella valleys, where it grows watermelons, table grapes, citrus and other produce.
In a statement, Black Diamond, which has offices in Illinois and Connecticut, said it was “committed to enhancing [Sun World’s] growth and profitability” and said the company would “continue to serve the needs of its customers.”
