Palm Tree Farmer Files for Chapter 11
July 10, 2012
BY STEPHANIE GLEASON
Palm tree farmer Cocopah Nurseries Inc. filed for Chapter 11 bankruptcy Monday after an out-of-court restructuring fell apart.
The company, which mainly grows and sells palm trees but also grows citrus fruits and dates, has seen revenue fall to $23 million in 2010 from $57 million in 2006. Its revenue comes from the sale of its trees to commercial, residential and retail developments, including the San Diego Convention Center. But as a result of the recession, many new developments were halted, and Cocopah’s sales were affected….”