Hines Nurseries made the “official” announcement concerning its Chapter 11 protection filing.
A Hines company release stated, “Hines Nurseries has been exploring restructuring options in recent months, including efforts to extend a line of credit for purposes of continuing its operations.”
Hines announced that, subject to approval of the Bankruptcy Court, it has secured $5 million in interim debtor-in-possession financing and expects to have up to $20 million on a final basis.
According to filings, Hines listed $179.3 million in assets and $86.7 million in debt as of the end of the second quarter.
In a court filing, CEO Stephen Thigpen said the revenue decline is the result of weak consumer demand, anemic homebuilding activity, pricing pressure from customers and inventory imbalances leading to shortage of critical crops.
In 2009, Hines emerged from bankruptcy when Black Diamond Capital Management purchased the nursery.
See the Hines announcement here.
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