BUSINESS BRIEFING / BANKRUPTCY
Times Wire Reports
Hines Horticulture Inc., a California operator of commercial nurseries, won court approval of a reorganization plan to pay creditors from a sale to Black Diamond Capital Management.
U.S. Bankruptcy Judge Kevin Carey approved the plan in Wilmington, Del., saying that “finality of this case is in the best interest of all parties.”
Black Diamond won the right to buy Hines’ assets after no other competing bids were submitted and a scheduled auction was canceled. Black Diamond offered about $58 million in cash and agreed to take on as much as $45.9 million in liabilities. The sale was completed Jan. 9, according to court documents.
