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State's Largest Citrus Co-op Files Chapter 11

UMATILLA, FL-Golden Gem Growers, a 54-year-old grower-owned cooperative orange juice-packaging business, couldn't get the Orlando office of Atlanta-based SunTrust Bank to extend terms on a $20 million loan. Umatilla is 35 miles northwest of Downtown Orlando.

By Alex Finkelstein | Updated on September 18, 2001

UMATILLA, FL-Golden Gem Growers, Florida’s largest citrus cooperative business, is reorganizing its 54-year-old operations under Chapter 11 of the U.S. Bankruptcy Code and talking with an investment group on taking over its $20 million loan with Atlanta-based SunTrust Bank.

Golden Gem filed for protection from its creditors after the bank placed a lien on its inventory and intangible property. The bank had balked at extending terms on the $20 million loan, area financial consultants familiar with the transaction tell GlobeSt.com on condition of anonymity.

The company’s estimated 300,000-sf juice-packaging plant sits on an estimated 50 acres in northeast Lake County, 35 miles northwest of Downtown Orlando. GlobeSt.com couldn’t learn if part of Golden Gem’s real estate is also under lien.

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