Top Hines Creditors Revealed
A dozen leading industry suppliers may lose between $100,000 to more than half a million dollars, depending on how Hines Horticulture's bankruptcy reorganization goes.
October 1, 2008
Based in Irvine, Calif., Hines Horticulture filed for Chapter 11 bankruptcy protection on Aug. 20. The company is one of the nation's largest growing operations with seven facilities spanning 4,000 acres of outdoor and greenhouse production in Arizona, California, Texas and Oregon.
A 244-page document filed Sept. 19 in the U.S. Bankruptcy Court for the District of Delaware reveals Hines owes more than $192.6 million to unsecured creditors with nonpriority claims. Ahead of them to collect money are secured creditors, like banks, and all tax-collecting government agencies where Hines operates.
The top 12 claims from unsecured creditors who are also industry suppliers include:
- SunGro Horticulture - $550,557 (Hines used to own SunGro)
- Syngenta Seeds - $516,888
- Ball Seed - $445,807
- Conard-Pyle Co. - $208,026
- McGregor Plant Sales - $205,007
- Simplot Partners - $176,118
- ForemostCo Inc. - $167,865
- Western Farm Service - $158,352
- Wilbur-Ellis Co. - $146,263
- Abbott-IPCO - $145,280
- Magnolia Gardens Nursery - $140,800
- BWI Companies - $107,185
Together, the claims from these dozen companies represent nearly $3 million of the $192.6 million, so the debt is distributed widely to hundreds of companies. A hearing for the unsecured creditors is scheduled for Oct. 22.