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|Chiquita Completes Sale of Ships|
|CINCINNATI, June 20, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Chiquita Brands
International, Inc. (NYSE: CQB) today announced that it has completed the
previously announced sale of its 12 refrigerated cargo vessels for $227
million. The cash proceeds from the transaction are being used to repay
approximately $170 million of debt, and the remainder will be retained for
general corporate purposes, including growth investments or future debt
repayments. The ships have been chartered back from an alliance formed by
Eastwind Maritime Inc. and NYKLauritzenCool AB. The parties also entered a
long-term strategic agreement in which the alliance will serve as Chiquita's
preferred supplier in ocean shipping to and from Europe and North America.
With annual revenues of approximately $4.5 billion, Chiquita Brands International, Inc. (NYSE: CQB) is a leading international marketer and distributor of high-quality fresh and value-added food products - from energy- rich bananas and other fruits to nutritious blends of convenient green salads. The company's products and services are designed to win the hearts and smiles of the world's consumers by helping them enjoy healthy fresh foods. The company markets its products under the Chiquita(R) and Fresh Express(R) premium brands and other related trademarks. Chiquita employs approximately 25,000 people operating in more than 70 countries worldwide. For more information, please visit our web site at http://www.chiquita.com.
SOURCE Chiquita Brands International, Inc.
Michael Mitchell of Chiquita Brands International, Inc.,