Chiquita enlists PR help for Chapter 11

CINCINNATI: Chiquita Brands has turned to the Financial Relations Board (FRB) to consult on investor relations crisis management as it considers filing for Chapter 11 bankruptcy.

CINCINNATI: Chiquita Brands has turned to the Financial Relations Board (FRB) to consult on investor relations crisis management as it considers filing for Chapter 11 bankruptcy.

CINCINNATI: Chiquita Brands has turned to the Financial Relations Board (FRB) to consult on investor relations crisis management as it considers filing for Chapter 11 bankruptcy.

An FRB associate will join a team from parent company BSMG Worldwide to help 131-year-old Chiquita restructure dollars 862 million in public debt.

Chiquita's relationship with BSMG began four years ago when BSMG's Washington, DC office began public affairs consulting for Chiquita on the issue of European Union (EU) banana import quotas.

Chiquita has been in financial trouble since 1992, when the EU put quotas on banana imports from Latin America, where Chiquita does much of its banana farming. Europe had accounted for nearly half of Chiquita's sales and the lion's share of its profits. The World Trade Organization estimates the quotas have cost Chiquita dollars 200 million a year since 1993, resulting in total damages of dollars 1.5 billion.

Chiquita has filed suit against the executive body of the European Union for dollars 525 million in damages related to banana quotas.



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