Chiquita International, the US banana producer, saw its share price halve on Tuesday after admitting it would not be able to meet payments on $862m of debt, The Financial Times reports. The group, which has been hit by the banana trade war with the European Union, said it planned to convert a "significant proportion" of the debt into common stock, diluting the value of existing shareholdings. It warned that bankruptcy could also be an option. It said either its restructuring plan, or one "administered through a court proceeding" would hurt current shareholders. The shares were down 48 per cent to $1.56 in midday trading.