AeroFarms, a company producing leafy greens using an aeroponic vertical growing system, has announced its emergence from Chapter 11 and the completion of its restructuring process. This includes bankruptcy court approval of the Asset Purchase Agreement (APA) with a group of existing investors led by Grosvenor Food & AgTech (GFA) and an expanded partnership with Doha Venture Capital.

The company has also appointed Molly Montgomery as the acting CEO and executive chairperson of AeroFarms’ board of directors. Molly currently serves as a venture partner at GFA and sits on the boards of Wilbur-Ellis, The Wine Group, Custom Made Meals, and Benson Hill. Previously, Molly also served as the CEO of Custom Made Meals and held executive positions at Landec Corporation, Ashland, and Bausch + Lomb.

Analyst QuickTake:  Despite filing for Chapter 11 bankruptcy and its co-founder and CEO, David Rosenberg, resigning in June 2023, AeroFarms has continued to expand the retail availability of its microgreens at Walmart and Stop & Shop in the Mid-Atlantic and Northeast regions. In July, the company sought court approval to enter an APA . Following the restructuring, the company now seems to be on track to complete the ramp-up of its Danville operation by the end of 2023 and anticipates achieving operational profitability shortly thereafter.