8-K

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): November 27, 2005

Chiquita Brands International, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)

New Jersey	1-1550	04-1923360
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	Identification No.)
250 East Fifth Street, Cincinnati, Ohio		45202
_________________________________ (Address of principal executive offices)		___________ (Zip Code)

Registrant’s telephone number, including area code: 513-784-8000

Not Applicable
______________________________________________
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.06 Material Impairments.

On November 27, 2005, management of Chiquita Brands International, Inc. (the "Company") determined that, as a result of severe flooding in Honduras caused by Tropical Storm Gamma, it will record an impairment charge in the fourth quarter of 2005. The Company’s preliminary estimate of the amount of the mostly noncash charge is in the range of $13-18 million. The charge results primarily from (i) destruction of banana plants, which are not covered by insurance, and (ii) damage to insured buildings, equipment and other improvements and infrastructure, for which the Company will have a $5 million deductible.

The entire region near San Pedro Sula, Honduras sustained significant flooding damage from rains brought by Tropical Storm Gamma from November 16-19, 2005. Approximately 1,600 hectares (4,000 acres) of the Company’s banana farms have been affected. The floodwaters have not yet fully receded, and the Company is still assessing the damage. The Company has not yet determined whether it will replant the affected farms.

Reference is made to the Company’s press release describing the flooding damage, attached as Exhibit 99.1

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release of the Company issued on November 30, 2005

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Chiquita Brands International, Inc.
November 30, 2005	By:	/s/ Robert W. Olson
		Name: Robert W. Olson
		Title: Senior Vice President, General Counsel and Secretary

Exhibit Index

Exhibit No.	Description
99.1	Press Release

EX-99.1

Exhibit 99.1

[LOGO] Chiquita
Brands
International

News Release
Contact: Michael Mitchell, 513-784-8959, mmitchell@chiquita.com

HEAVY RAINS FROM TROPICAL STORM GAMMA CAUSE
FLOODING DAMAGE TO CHIQUITA’S BANANA FARMS IN HONDURAS
Company Expects Fourth Quarter Charge for Asset Writedowns and Flood-Related Costs

CINCINNATI – Nov. 30, 2005 – Chiquita Brands International, Inc. (NYSE: CQB) today announced that approximately 1,600 hectares (4,000 acres) of the company’s banana farms in Honduras and more than 500 hectares (1,200 acres) of banana farms of independent growers have been severely flooded due to heavy rains from Tropical Storm Gamma.

The entire region near San Pedro Sula sustained tremendous flooding damage, and many of the banana farm areas remain under water. While still assessing the damage, the company estimates that its affected acreage will be out of production for a minimum of several months, and the most heavily damaged areas could be out of production for a year or more.

“The loss of our Honduran production, combined with the ongoing impact of Hurricane Stan on purchased fruit volumes in Guatemala and other weather problems this season, has created product shortages in North America through the first quarter 2006,” said Bob Kistinger, president and chief operating officer of Chiquita Fresh. “We are working hard to identify alternative sources in Latin America to meet our North American customer volume and service requirements. However, we believe some service disruptions will be inevitable.”

Kistinger continued, “We feel fortunate that none of our employees or their family members lost their lives or sustained major injuries. We are also pleased to note that new worker-owned housing developments, which were relocated from flood-prone areas after Hurricane Mitch, were not damaged.”

The company has not determined whether it will replant the affected farms. As a result of flood damage, the company expects to incur a significant, mostly noncash, charge in the fourth quarter for asset writedowns and flood-related costs. The company’s preliminary estimate of the amount of such a charge is in the range of $13-18 million.

– more –

Chiquita Brands International
Flooding in Honduras from Tropical Storm Gamma
Page 2 of 2

Chiquita Brands International, Inc. (www.chiquita.com) is a leading international marketer and distributor of high-quality fresh and value-added produce, which is sold under the Chiquita^® premium brand and related trademarks. The company is one of the largest banana producers in the world and a major supplier of bananas in Europe and North America. In June 2005, Chiquita acquired Fresh Express^®, the U.S. market leader in value-added salads, a fast-growing food category for grocery retailers, foodservice providers and quick-service restaurants.