Judge OKs $31M Sale Of Hines Nurseries To Lender

Law360, New York (February 28, 2011, 5:23 PM EST) -- Hines Nurseries LLC won bankruptcy court approval Monday to sell its assets to lender Black Diamond Capital Management LLC for as much as $31 million, allowing the debtor to continue operations but promising little in terms of recovery for creditors.

After an auction failed to produce any other qualified bids, Black Diamond credit bid the outstanding amount on Hines’ debtor-in-possession financing, $21.5 million, and agreed to include whatever additional DIP funding is necessary to get the debtors to the sale closing, up to a total of...
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