Homestead-based First Foliage, a grower and marketer of tropical plants, filed for Chapter 11 reorganization late last month in Miami, listing assets of $52 million against liabilities totaling $30.7 million.

The company said it was forced into bankruptcy by the lack of crop insurance coverage and a lender that doesn’t want to be making loans in the nursery business.

First Foliage owes $24 million to Bank of America on a term loan and revolving credit. The company contends it should be allowed to use cash representing security for the bank’s loan because the lender’s collateral is allegedly worth $52 million.

First Foliage says it’s one of the three largest tropical foliage nurseries in the U.S. and one of the 10 largest foliage nurseries. The current owners bought the assets from a bankrupt company in 2000 for $150,000 cash plus the assumption of $38 million in debt.

The business operates on a 446-acre tract, of which 134 acres are owned. Court papers say the customers are big box stores like Lowe’s, Home Depot, and Walmart.

The case is: First Foliage LC, 10-27532, U.S. Bankruptcy Court, Southern District Florida (Miami).