The 17th Civil Court of Santiago has declared fruit company Aconcagua Limitada (Aconex) bankrupt, with liabilities of around US$50 million (24 billion Chilean pesos), reported newspaper Estrategia.

The story reported the company itself requested proceedings, while the main creditors to the business were founder Fernando Barros and his son Alejandro with a value of US$9.8 million (4.7 billion Chilean pesos).

The second-largest creditor was BancoEstado with US$7 million (3.4 billion Chilean pesos), followed by Alejandro Barros' company Agrícola Campusano with US$3.5 million (1.7 billion Chilean pesos).

Sources told newspaper La Segunda, Aconex's initial strategy was to negotiate a preventative agreement with banks and carry out an orderly liquidation of assets, but this possibility was rejected by the banks.

Related stories: Producer seeks Aconex bankruptcy

Funds seized for Chilean exporter

Photo: www.aconex.cl

Source: www.freshfruitportal.com