For almost a decade, Chiquita Brands International Inc.'s top priority has been protecting its core banana business. But a restructuring with bondholders, announced Monday, could lead to new investments in the company's fresh-fruit and canned-vegetable businesses that could diversify its product offerings.

        “We managed as tightly as we could,” chief executive officer Steve Warshaw said. “But this can broaden our outlook to other things that fit into Chiquita's core competencies.”

        That's the most far-reaching of the impacts of Monday's deal, which will lead to a prearranged bankruptcy filing soon. It will leave the company without a controlling shareholder, a role that Reds owner Carl Lindner has filled since he took control of the former United Brands in the mid-1980s.

        But with the majority of stock held by New York investment funds looking for immediate profits, in stead of local businessman Mr. Lindner, the board of directors that calls the shots at Chiquita is taking a dramatic change.

        “It's (bondholders') company now, but it seems to me that they're probably happy with management, or else they would have made some changes,” said Matt Ferko, an analyst at UBS Warburg in New York specializing in distressed debt.

        “I think it's great for both the company and the bondholders. They're going to have capital to invest in the business going forward.”

        The clear losers are holders of common stock. They get only about 550,000 shares, or 1.38 percent of the new issue. They also will get warrants to purchase 9.2 million additional shares.

        Mr. Warshaw said that compared to other restructuring deals, shareholders are making out well, with the ability to profit from future growth.

        Mr. Lindner's interest now includes about 37 percent of Chiquita's common stock, held through his holding company, American Financial, plus some preferred stock and about $3.5 million in debentures, Mr. Warshaw said.

        While the final value is not set, that should translate into about 7 percent of the company after Chiquita emerges from bankruptcy.

        Mr. Lindner declined to comment on the deal Monday.

        Also Monday, the New York Stock Exchange said it was reviewing Chiquita's listing status since the stock price has been less than $1 a share for more than 30 days.

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