One of AppHarvest’s largest farms risks foreclosure in creditor lawsuit demanding payment

in STOP FORECLOSURE FRAUD
Kentucky-based AppHarvest risks losing one of its largest greenhouse facilities to foreclosure if it doesn’t reach a resolution with a creditor demanding over $66 million, the company announced in a public filing Monday. In early May, a creditor that previously loaned AppHarvest over $90 million to help build a 60-acre, tomato-growing greenhouse in Richmond alleged that construction delays and cost overruns had caused AppHarvest to violate the loan terms and default on the loan agreement. AppHarvest said it plans to contest those allegations. The creditor, a company called CEFF II AppHarvest Holdings, demanded immediate repayment of what remains of the loan plus interest — about $66.7 million — or the Richmond farm would be taken as collateral. CEFF II AppHarvest Holdings is an affiliate of Equilibrium Sustainable Foods. The creditor filed a foreclosure complaint on the facility in Madison Circuit Court on May 30. AppHarvest has 20 days to respond in court or face a default judgment. To continue reading the rest of the article, please click on the source link below: https://www.kentucky.com/news/state/kentucky/article276137691.html#storylink=cpy