IBG To Dispose of New Vine Assets Within Two Weeks
Inertia Beverage Group will auction off the assets of New Vine Logistics Within the next two weeks, according to an email it sent to NVL’s clients today.
According to that letter (reproduced entirely, below):
“As the senior debt holder in New Vine, IBG has put New Vine into a foreclosure process and has scheduled an auction for New Vine’s assets. This process is a normal next step in the disposition of New Vine assets and it is expected to be completed within two weeks. We anticipate that it will not cause any disruption to the services New Vine is currently providing its customers.”
IBG letter Regarding NVL
July 6, 2009
Dear New Vine Clients,
We are grateful for your support during the past month. We know it has been
a difficult and challenging time for New Vine’s customers, employees, and
partners. Our goal is to provide regular information as to the financial
and operational condition of the company, as well as outline the immediate
path forward so you are getting facts from New Vine directly.
As you are aware, Inertia Beverage Group (IBG) had funded New Vine’s
operations over the past several weeks while IBG reviewed the opportunity to
acquire the lead creditor position which Silicon Valley Bank (SVB) held in
New Vine. IBG has now completed its transaction with SVB, and has assumed
SVB’s loan and creditor position in New Vine. During this period, New Vine
was able to resume its business, with the continued delivery of fulfillment
and compliance services for our valued customers.
The purpose of this communication is to outline the process that will now
occur over the course of the upcoming weeks. As the senior debt holder in
New Vine, IBG has put New Vine into a foreclosure process and has scheduled
an auction for New Vine’s assets. This process is a normal next step in the
disposition of New Vine assets and it is expected to be completed within two
weeks. We anticipate that it will not cause any disruption to the services
New Vine is currently providing its customers. Upon the conclusion of the
foreclosure process, it is our goal that New Vine’s services will continue
to be provided in the manner to which our customers have been accustomed.
We will continue to provide updates on a weekly basis or as new information
needs to be shared with our customers. Our goal is to ensure you have
enough information around the future of New Vine to remain confident in our
ability to serve your needs. We encourage you to ask questions or reach out
if you would like more information.
The primary contacts for information are:
- Kathleen Hoertkorn - Founder - khoertkorn@new-vine.com -707-603-3322
- Josh Langford - VP, Sales and Marketing - jlangford@new-vine.com -707-603-3313
- Carol Thompson - Chief Operating Officer - cthompson@new-vine.com - 707-603-3331
We appreciate your continued patience through this process, and thank you
for your support.
The New Vine Team
3 Responses for “IBG To Dispose of New Vine Assets Within Two Weeks”
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About The Editor
WII Editor Lewis Perdue
is a former Washington, D.C. investigative reporter and has written 20 published books. He founded Wine Business Insider in 1991 followed three years later by Wine Business Monthly. Both were sold in 1997, but remain the dominant trade publications for the North American wine business. In 1997 he became a correspondent for CBS Marketwatch and a columnist for The Street.Com. Later, he worked as a columnist for the Wall Street Journal Online before founding an Internet payments company which went public. He has also been a negociant and a wine importer/distributor. Click here for more on Lew.
Great info Lew! As to New Vine, SNORE…. Why dont they just roll over and die already so the rest of us can get on with business? They have been in trouble for a while and they NEVER made a profit (in how many years? 8?) in the first place!!! There management is still the same and it was management that got them into this mess in the first place-you know the Carol and Katie show? Anyway, even if New Vine survives this as long as those two characters are in charge New Vine wont go anywhere. Unfortunately I know what I am talking about on this score.
Wow..this is second time that SS posts something right before I do. Interesting coincidence, and I have to wonder who you are…
Lewis, you are a great reporter and the local and unbiased source so many of us look to first. Kudos!
I agree that yes, the New Vine soap opera loses all hope for a positive outcome, when you think in terms of years of continued failure at the expense of loyal customers, stockholders, and employees.
At what point will someone realize that Katie Hoertkorn and Carol Thompson are not only Incompetent , …they are the litmus tests for what NOT to do to succeed in our business.
Shame on anyone still affiliated with this convoluted nightmare. Foreclose, shut down, game over, let’s all move on, and go back to making great wine and never let out guard down again as to who the good guys really are!
Amen John!