US land-based barramundi farmer VeroBlue Farms has filed for bankruptcy with a court in northern Iowa, citing "an immediate need" to pay its employees, rent, utilities and vendors.
VeroBlue filed voluntary petitions for relief on Sept. 21 under Chapter 11 of the US Bankruptcy Code in the US Bankruptcy Court for the Northern District of Iowa.
"Without immediate access to the Interim [Debtor-In Possession] Financing," the company stated in court documents, referring to a method of financing that allows companies to raise capital to fund operations during a bankruptcy case, "the Debtors’ ability to operate, pay its employees, and preserve the value of its business will be immediately and irreparably jeopardized, resulting in significant harm to the Debtors’ estates and creditors."
