AppHarvest enters multiple lease agreements

Added on 04 October 2023

Tags

AppHarvest enters multiple lease agreements

AppHarvest has entered into three separate lease agreements with Equilibrium, an affiliate of Equilibrium Sustainable Foods. The lease agreements pertain to properties in Richmond and Morehead, Kentucky, and are set to expire on October 14, 2023. Amendments to the lease agreements were made on September 18, 2023, requiring Equilibrium to maintain property insurance.

AppHarvest and its affiliates filed for Chapter 11 bankruptcy on July 23, 2023.

The bankruptcy court confirmed AppHarvest’s Second Amended Joint Plan of Liquidation on September 14, 2023.

On September 14, 2023, AppHarvest, a company specializing in sustainable agriculture, entered into multiple lease agreements with Equilibrium, an affiliate of Equilibrium Sustainable Foods, according to their latest Form 8-K. This development comes amid AppHarvest’s ongoing Chapter 11 bankruptcy proceedings, which were initiated on July 23, 2023.

Lease Agreements

AppHarvest has entered into three separate lease agreements with Equilibrium for properties in Richmond and Morehead, Kentucky. The Richmond Lease Agreement pertains to the property at 1415 Speedwell Road, owned by AppHarvest Richmond Farm, LLC. The Morehead Lease Agreement involves the property at 500 Appalachian Way, owned by AppHarvest Morehead Farm, LLC. Lastly, the Cabin Lease Agreement pertains to the property at 100 Lake Park Drive, owned by AppHarvest Operations, Inc. All three leases expire on October 14, 2023.

Amendments to Lease Agreements

On September 18, 2023, amendments were made to all three lease agreements. According to the amendments, Equilibrium is required to maintain property insurance for Furniture, Fixtures, and Equipment (FF&E) during the term of the agreements.