International Garden Products (IGP) announced it has filed for Chapter 11 protection in U.S. Bankruptcy Court for the District of Delaware. The filing includes its affiliates, Iseli Nursery and Weeks Wholesale Rose Grower.
IGP’s filing stated the companies’ finances have been “negatively affected by a number of issues unrelated to their own operations,” including being adversely impacted by the financial difficulties at Jackson & Perkins, which failed to assure payment on its $1.7 order for the 2010 season; as well as current market conditions and three contingent
liability issues.
The company said it has secured $7.5 million in debtor-in-possession financing from a group led by Harris Bank.
IGP expects no interruption in services and customers “can place, with confidence, their orders for the spring 2011 season.”
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