Physicians Reciprocal Insurers (PRI) — Cosentino Winery’s senior secured creditor — now owns the winery after it received no bids at the trustee sale this morning at the Napa Courthouse. No one was willing to meet PRI’s minimum bid of $10.55 million.
PRI was owed approximately $12.5 million secured by the winery real estate in Yountville, along with brands, inventory, intellectual property and other personal property including some of the wine production equipment.
LENDER INKS PACT WITH INVESTOR TO NEGOTIATE SALE
While the trustee sale at the courthouse failed to elicit any bids, sources told Wine Industry Insight that PRI has signed an exclusive deal with Vintage Wine Estates to negotiate a private sale for the winery and its assets including its highly lucrative and successful wine club and loyal fan base.
WII expects to have more details in the coming week.
MEA CULPA FROM WINE INDUSTRY INSIGHT
When Wine Industry Insight wrote its Dec. 2 article about the trustee sale, the time had been set for 1:30 p.m. today. However, the parties involved changed the time to 9:30 a.m. WII dropped the ball on this because the Dec. 8 legal notice for the sale, filed the next week, clearly states the earlier time. We usually check public records in cases like this, but failed to do so this time. And for that, we apologize to the others who showed up with us at 1:30. We’ll probably make some other mistake, but that one is not going to happen again.
PREVIOUS WINE INDUSTRY INSIGHT COVERAGE OF COSENTINO WINERY
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