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Cosentino Winery Hit With Involuntary Liquidation Court Papers

Three large creditors of Cosentino Winery and its parent company, Cosentino Signature Enterprises Ltd. have filed court documents designed to force the two companies into involuntary Chapter 7 liquidation proceedings.

California First Leasing, Mustard’s Grill and LCPV Vinreit (a partnership of Entertainment Properties Trust) filed documents yesterday afternoon in U.S. Bankruptcy Court for the Northern District of California claiming $16,910,570.46.

Cosentino’s largest creditor, Physicians Reciprocal Trust, which is owed $12.6 million, is not party to the liquidation actions.

No further court action has been scheduled. Wine Industry Insight will provide detailed coverage of the court proceedings as they happen.

Wine Industry Insight wrote about the possible liquidation on Oct. 5, but winery management denied the reports: Cosentino Winery In Foreclosure, Owes Almost $20Mln, Liquidation May Be In Works.

PREVIOUS WINE INDUSTRY INSIGHT COVERAGE OF COSENTINO WINERY