Unsold cold storage facilities crowd San Joaquin Valley market
Unsold cold storage facilities crowd San Joaquin Valley market
Fresno, CA-based Z&S Fresh Inc., a fresh fruit grower, packer and shipper, recently put its $11 million state-of-the-art cold storage and packing facility on the market to cover some outstanding debts. When owner Martin Zaninovich met with some of his creditors in early June, he laid out a scenario that on paper seemed very reasonable. The modern facility has less than a $5 million mortgage, leaving lots of equity. Combined with the firm's accounts receivables, there appears to be plenty of money to pay his PACA debts as well as the bank that holds the mortgage on the cold storage facility