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 NEWS FETCH EXTRA - May 4, 2015

CREATED BY WINE INDUSTRY INSIGHT  & MADE POSSIBLE BY OUR SPONSORS
Editor & Publisher, Lewis Perdue. Assistant Editor, Becca Yeamans-Irwin

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NOTE: All hyperlinked court filings are available in their entirety for Wine Executive News premium subscribers.

The Clara Street Company, dba Cameron Hughes Wine (CHW) and Sales Pros, has been placed in receivership by the Superior Court of San Francisco at the request of its lender, Union Bank. John Hawkins of St. Helena was appointed receiver on March 24.

Union Bank's 128-page complaint alleges an extensive laundry list involving a $15.3 million credit line including late payments, being out out of compliance with various financial ratios and the failure to provide timely reports.

Court documents indicate that CHW is not insolvent and had been close to finding a buyer for the company when the receivership was granted by the court. It is not known how the court's action will affect the proposed deal.

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Court documents indicate that CHW is not insolvent and had been close to finding a buyer for the company when the receivership was granted by the court. It is not known how the court's action will affect the proposed deal.

In a March 27 declaration backed by volumes of financial data, Doug Rogers, Chief Operating Officer of the Clara Street Company said the company's financial position was not helped by $2.3 million in over-due trade payables. That amount included major past-due, delinquent accounts including Southern Wine & Spirits which was behind by more than $1.1 million

"From the beginning of 2013 through the end of 2014, Clara Street Co. has been subjected to ever changing, ever tightening borrowing restrictions placed upon it by Union Bank, and has substantially, if not fully, complied with them," said Rogers in a March 6 declaration.

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"From the beginning of 2013 through the end of 2014, Clara Street Co. has been subjected to ever changing, ever tightening borrowing restrictions placed upon it by Union Bank, and has substantially, if not fully, complied with them," said Rogers in a March 6 declaration.

Wine Executive News subscribers please click here to read the complete article and access all court filings.

Also In This Article:

The full text of the following sections is available to premium subscribers of Wine Executive News.

• CHW Proposed Sale/Merger Identified

• Three Of CHW's Four Income Streams Healthy

• Union Bank Forced Series Of Bad Business Moves

• April 23 Receiver's Inventory

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