Citrico owned and operated businesses connected with products derived from citrus fruit, including juice and pectin production.

The company was in default of its loan covenants, raising doubts about its viability as a going concern. In addition, a dispute arose between the joint venture (“JV”) partners, which resulted in one of the JV partners threatening to put the parent company into Chapter 11, pursuant to the US Bankruptcy Code. This would have left management in control of the company.


KRyS Global was appointed by the Grand Court of the Cayman Islands initially as provisional liquidator, and subsequently as official liquidator, to preserve value in Citrico’s underlying assets, and to convert the assets to cash.

One of the company’s financing (non-management) JV partners provided short term funding in the provisional liquidation, which enabled the business to continue as a going concern until it was sold, maintaining the value of the asset and allowing for the highest possible return for creditors.

Value Added:

The appointment of KRyS Global as liquidator enabled the financing JV partner to remove existing management and appoint an independent party to direct and manage the company while a resolution to Citrico’s liquidity issues were explored.

The financing JV partner’s confidence that the company would be properly managed, meant it was willing to provide necessary funding during the liquidation, which enabled the assets to be realised for substantial value.