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Beverage Trade Network

Sullivan Vineyards has continued to lose money as winery and vineyard sale looms

Sullivan Vineyards has continued to lose money as revenues and profits again fall below projections, according to the most recent operating reports filed with the U.S. Bankruptcy Court for the Northern District of Santa Rosa.

 

According to the reports, it it has lost $500,531 since filing its chapter 11 petition on Feb. 1, 2017.

 

The losses — as well as ownership — are expected to change next week. According to the court documents, the court is expected to approve the sale of both Sullivan Vineyards, Inc. and LLP to Vité USA, Inc., a corporation founded by a global tech entrepreneur.

A hearing to approve the “Motion to Sell Real and Personal Property Assets of Debtors Free and Clear of Liens and Encumbrances” is scheduled for 10:30 a.m., Dec. 11 in Santa Rosa

 

Op-report-non-VIP

All claims to be fully paid — Trustee

According to the Nov.10, 2017 declaration of trustee Timothy W. Hoffman:

“I am informed and believe that the sale price, though confidential, will provide more than sufficient funds to pay all claims in full, even assuming a worst case scenario where the secured grid note of Stephen Finn, as well as the claims asserted by the Debtors’ five former employees, arc allowed in full, plus reasonable at attorneys’ fees if applicable.”

 

List of significant variances from projections

variance-report-non-VIP

 

 

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Court documents available for Wine Executive News premium subscribers

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