Top Hines Creditors Revealed

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.

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22 comments on “Top Hines Creditors Revealed

  1. The remaining debt is distributed widely not over hundreds, but thousands of companies. Just a simple calculation shows, that there must be at least 4,000 unsecured creditors. Divide 190 million by an average of say 45 thousand? This means that Hines must have been hopping from one supplier to the next until no suppliers were left, that were willing to deliver before any outstanding overdue invoices were paid.
    How could this get so out of hand?
    In my eyes the responsible people should be punished for this.

  2. Perhaps Hines can cash in on the Congressional bailout. Everyone else is. Those responsible for the Hines mess knew what they were doing and continued anyway. My plan for them: accountability, restitution and retribution.

  3. This simply shows that in a tight credit market, they used their vendors as “bank”. No interest payment, no security payments, no one looking over their shoulders…. Clever… Purchasing should be given a gold star for operating under such a burden! Management…well they got caught…OOPS!

  4. Sure glad we put them on cash with order some time ago.

    Warning flags should go up when a customer “loyal” to your competition suddenly courts you as a new supplier.

  5. The Board of Directors should fire the entire management team and dismantle the company if they cannot come up with a business plan that will work.

  6. Hines also payed us within terms right up until the filing of Chapt. 11. We did have past due invoices but less 20 days past due. So, the operatives with who we worked were great! The management is another issue.

  7. Hines always discounted their invoices. (took prompt pay discounts within the allowed time). However, anyone who pays attention to the industry knew this thing was coming.

  8. With much of the same management team involved–Hines will never come out of this bankruptcy. They are the same people who got them into this mess. Besides, most of the knowledgable staff who were doing the day to day work have all left. It will never fly!

  9. The remaining debt is distributed widely not over hundreds, but thousands of companies. Just a simple calculation shows, that there must be at least 4,000 unsecured creditors. Divide 190 million by an average of say 45 thousand? This means that Hines must have been hopping from one supplier to the next until no suppliers were left, that were willing to deliver before any outstanding overdue invoices were paid.
    How could this get so out of hand?
    In my eyes the responsible people should be punished for this.

  10. Perhaps Hines can cash in on the Congressional bailout. Everyone else is. Those responsible for the Hines mess knew what they were doing and continued anyway. My plan for them: accountability, restitution and retribution.

  11. This simply shows that in a tight credit market, they used their vendors as “bank”. No interest payment, no security payments, no one looking over their shoulders…. Clever… Purchasing should be given a gold star for operating under such a burden! Management…well they got caught…OOPS!

  12. Sure glad we put them on cash with order some time ago.

    Warning flags should go up when a customer “loyal” to your competition suddenly courts you as a new supplier.

  13. The Board of Directors should fire the entire management team and dismantle the company if they cannot come up with a business plan that will work.

  14. Hines also payed us within terms right up until the filing of Chapt. 11. We did have past due invoices but less 20 days past due. So, the operatives with who we worked were great! The management is another issue.

  15. Hines always discounted their invoices. (took prompt pay discounts within the allowed time). However, anyone who pays attention to the industry knew this thing was coming.

  16. With much of the same management team involved–Hines will never come out of this bankruptcy. They are the same people who got them into this mess. Besides, most of the knowledgable staff who were doing the day to day work have all left. It will never fly!

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