After supplying world markets with North American and Chilean fruit since 2004, company Market 52 has filed for bankruptcy under Chapter 11.

Market 52 president Jerald Downs said the decision was made after a significant effort to recapitalize the business and better serve its customers over the last 18 months.

"It is Market 52s belief that a sale of its assets is in the best interest of all of its creditors and that the utilization of the bankruptcy process will benefit all interest parties," he said.

"It sincerely regrets any inconvenience caused by its bankruptcy and fully intends to work with its creditors and the court to minimize that inconvenience and pay creditors as quickly as allowed by law.

"It is Market 52s intent in Chapter 11 to move quickly to market it's tangible and intangible assets and bring a sale of those assets before the Bankruptcy Court as quickly as possible. To that end, Market 52 has already engaged the services of an advisor to assist with the marketing of its assets and is in focused dialogue with potential interested parties," he said.

On its website the company listed blueberries, citrus fruits, table grapes and avocados as the main products it supplied.

www.freshfruitportal.com