appharvest shares were down 67 to 11 cents a 52week low after the company said it is pursuing a financial and operational transition using chapter 11 bankruptcy that would allow it to reduce outstanding liabilities the stock is now down 97 in the past 12 months the sustainable food company said business operations will continue at its farms including shipping product to grocery store chains restaurants and food service outlets to pursue its transition appharvest has filed voluntary petitions for protection under chapter 11 of the us bankruptcy code in the us bankruptcy court for the southern district of texas the company also has obtained a commitment from equilibrium its largest secured creditor to provide 30 million of debtorinpossession financing to provide the necessary liquidity to support operations at the appharvest morehead appharvest richmond and appharvest somerset farms during the chapter 11 process the dip financing is subject to approval of the court appharvest is pursuing a transition of its appharvest berea operations to its distribution partner mastronardi produce or one of its affiliates in exchange for 375 million additional incremental funding and support for the companys restructuring plan