The United States Bankruptcy Court for the District of Delaware recently authorized the sale of Hines Horticulture assets to Black Diamond Capital Management, a privately held alternative asset management firm.
Hines Horticulture filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in Delaware on Aug. 20, 2008.
Christopher Parker, a managing director at Black Diamond Capital Management, said in a press release that the investment represents an exceptional opportunity for Hines and Black Diamond to take a leadership role in the horticulture industry. "Going forward, Hines will have a strong balance sheet that will enhance the company's ability to serve the needs of its clients and customers, while meeting its obligations to its vendors and suppliers," Parker said.
Headquartered in Irvine, Calif., Hines Horticulture, Inc. is one of the largest commercial nursery operators in North America, producing a broad assortment of ornamental shrubs and color and container-grown plants, primarily for consumer outdoor use. The company operates seven nurseries in four states, totaling nearly 3,400 acres of land.