The Joint Fruit Company, JFC, – Russia’s largest importer of fruits, has filed for bankruptcy. The situation has come about as a result of the Arab Spring.
An official from the company said that the company had made losses as the events in the Middle East and North Africa had disrupted business relationships, caused loan defaults and lead to the bankruptcy of some of the organisation’s foreign partners.
A source close to the JFC co-owner told the Vedomosti business daily that JFC Head Vladimir Kekhman filed the company’s bankruptcy in case the firm would not be able to restructure its loans.
Established in St. Petersburg in 1994, the JFC Group is the international network that manufactures ships and distributes fruits. It owns about 3,000 hectares of banana plantations in Ecuador and Costa-Rica.
Source: www.freshplaza.com