Arvin farm envisions financial comeback
Friday, Feb 10 2006 12:47 PM
Last Updated Saturday, Mar 28 2009 12:08 PM
A longtime Arvin farming operation, John J. Kovacevich and Sons, filed for bankruptcy earlier this year. But the third-generation growers are reorganizing, not closing shop, an official said.
"We're trying to sell some properties," said John Kovacevich Jr., a partner in the operation. "We've just had some rough times. We're trying to move some assets around to see the best way to come out of it."
The company, which grows table grapes and stone fruits, filed for Chapter 11 bankruptcy in early February.
A Chapter 11 filing frees a company from creditor lawsuits so it can reorganize.
Kovacevich said the firm is trying to sell about 1,000 acres of various properties. He declined to elaborate, saying the company is in negotiations he can't discuss.
The farming operation has liabilities of about $4.4 million and assets of about $1.8 million, according to a clerk at the U.S. Bankruptcy Court in Fresno.
But Kovacevich said that asset total is not accurate. The properties involved were recently appraised at more than $5 million, he said.
Kovacevich's family has been farming in Kern County for almost 70 years.
John Kovacevich said he and his brother Michael have been running the operation since about 1992.