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Chiquita in bankruptcy

Wednesday, Nov. 28, 2001 | 9:45 a.m.

CINCINNATI -- Chiquita Brands International Inc. filed for Chapter 11 bankruptcy protection today under an agreement reached earlier to reduce the company's debt by about $700 million.

Company executives had said they expect that the deal with bondholders over the holding company's $950 million debt will shorten Chiquita's time under court-supervised reorganization.

The filing will not affect Chiquita's subsidiaries -- including its famous banana exporter -- or their separate $413 million debt.

Cincinnati-based Chiquita has struggled financially in recent years because of a worldwide glut of bananas and a drop in prices, and a long battle over European banana import quotas that Chiquita regarded as unfair. The European Union's quotas cost Chiquita millions of dollars, the company said. An agreement was reached this year between the United States and the European Union to end the long-running trade dispute.

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