Chiquita Brands International Inc. is burning through cash faster than any U.S. packaged-foods company after its $855 million 2005 purchase of Fresh Express Inc. in a bid to diversify into salads failed to raise profit.

The owner of the namesake banana label is consuming funds at a rate that would exhaust its $53 million of cash in fewer than eight months, down from 131 months two years ago, according to data compiled by Bloomberg. The firm's $200 million 4.25 percent convertible securities, which traded above face value last year, have dropped to 79 cents on the dollar.

Chiquita, which agreed in June to limit capital spending in exchange for loosened loan covenants, is working to trim costs as declining earnings raise leverage to the most since 2007. Sales of $953 million by the salads and healthy snacks unit in 2011 are down 20 percent since the purchase of Fresh Express as customers such as Wal-Mart Stores Inc. favor their own brands.