A US federal judge has authorized a bankruptcy exit plan for Alabama catfish farmer SouthFresh Aquaculture, a subsidiary of Alabama Farmers Cooperative, which owes several million dollars to creditors.
The plan "allows the Debtor to restructure its finances and maintain operations after it emerges from bankruptcy, thereby continuing to provide feed manufacturing and seafood reselling services while providing for payment of the Allowed Claims of its creditors in full," US Bankruptcy Judge Jennifer H. Henderson ruled on Dec. 23.
SouthFresh filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Alabama on Jan.
