Prima Wawona sets bids procedures, seeks Nov. 28 auction

By Sarah Lizee

Olympia, Wash., Oct. 16 – MVK FarmCo LLC, which does business as Prima Wawona, is seeking approval of bid procedures for its assets, according to a motion filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, in connection with an agreement reached among the company’s lenders, Prima Wawona is proceeding with a transaction that will involve either the conversion of existing lender debt into equity ownership of the business or allow for a sale transaction to a third-party buyer.

The opening bid for the company’s collective assets has been set at $275 million.

Under the bid procedures, a stalking horse bidder must be designated by Nov. 14, the bid deadline is Nov. 17, an auction will take place on Nov. 28, and a sale hearing will take place on Dec. 6.

Bid protections for any stalking horse would include an up to 3% breakup fee.

Prima Wawona is Fresno, Calif.-based producer of stone fruit. The Chapter 11 case number is 23-11721.

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