One of CA’s ‘largest almond growers’ goes bankrupt. It owes millions to local companies.
A private equity farming giant with more than 1,500 acres of land in Fresno and Tulare counties and 8,600 acres statewide declared bankruptcy Monday. Even with “extremely favorable water rights and competitive water costs,” Redwood City-based Trinitas Partners could not keep up with high borrowing costs and consistently low almond prices, according to bankruptcy filings. The firm owes $190 million in secured and unsecured debt. The company filed for Chapter 11 bankruptcy in the Northern District of California. … Trinitas Partners began buying land in the Central Valley in 2015. It focused on land with superior water rights and young almonds, making the orchards more valuable for long-term growth, according to court filings.
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