Hines Nurseries LLC, a major nursery with a 253-acre operation in Fallbrook, may be acquired by a private equity firm, pending bankruptcy court approval.
A bid submitted by Black Diamond Capital Management LLC of Greenwich, Conn., was the only qualified bid submitted to a federal bankruptcy court in Delaware, according to legal documents filed Monday. Both Bank of America and Black Diamond hold substantially all of Hines' debt.
A Black Diamond spokesman could not be reached for comment Monday. In the filings, Bank of America objected to Black Diamond's request for an additional $10 million in debtor-in-possession financing to continue operations until the deal can be closed April 14. The legal documents also show that Black Diamond is seeking assurances from Home Depot and Walmart to continue buying plants from Hines.
A total of 187 Fallbrook workers -- about half of whom are full-time employees -- could be affected by the sale of the company, which filed for federal bankruptcy protection in October. The Fallbrook nursery specializes in drought-tolerant plants, azaleas, camellias and an assortment of daylilies.
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