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Business Briefing / HORTICULTURE

Nursery firm petitions for bankruptcy

August 21, 2008|From Times Wire Services

Hines Horticulture Inc., an operator of commercial nurseries, sought bankruptcy protection from creditors to sell its assets.

The company, based in Irvine, listed debt of as much as $500 million and assets of less than $50,000 in Chapter 11 documents filed in U.S. Bankruptcy Court in Wilmington, Del.

Hines said it would seek court approval to enter into a so-called stalking-horse purchase agreement with a unit of Black Diamond Capital Management, which would act as the lead bidder for its assets.

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