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Choice Genetics USA Exits Chapter 11

WEST DES MOINES, Iowa – Choice Genetics USA, LLC (CGUSA) is pleased to announce that it has satisfied all of the Effective Date conditions under its confirmed First Amended Joint Plan of Reorganization.

CGUSA filed its Chapter 11 reorganization case on February 13, 2014 in order to provide time to negotiate a resolution with Scidera, Inc. after an unexpected, unfavorable decision on a contract dispute by an arbitration panel. “CGUSA was successful in negotiating a termination of the agreement, allowing CGUSA to continue its business with full rights to all of its genetic product lines and IP,” said Brent Mitchell, COO.

“Since the filing, CGUSA has continued to operate all aspects of its business with no interruptions in farm operations, payments to suppliers, the R&D program, or supply to its customers. The Plan of Reorganization, which provides for all vendors to be paid in full, will leave CGUSA in a strong operating and financial position with no bank debt,” states Dr. Derek Petry, CEO.

“We are very appreciative of the loyalty and support of our staff, customers and suppliers during this time. We are excited about the future and truly value your relationship with our company. Thank you,” says Petry.

Source: Choice Genetics


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