← Return to Archives - Subscribe to FREE NewsFetch Email Newsletter
From: lewis.perdue@wineindustryinsight.com

Subject: Renwood Winery Parent Companies File Chapter 11

Date: 2009-10-22 13:11:33

To: Emailing List Subscriber
Please use CMD+F (Mac) or CRTL+ F(Windows) to find your specific search term within this issue of NewsFetch. This "double search" is due to our links sourcing from websites not within WineIndustryInsight.

WINE INDUSTRY INSIGHT

EMAIL EDITION - VOLUME I, NUMBER 127 - October 22, 2009

Click this link to unsubscribe to this free email edition.

Sponsored By:

shipcompliant: Real-Time Compliance Software


WII TWEET:

  • News Fetch today http://tinyurl.com/5kddln has 3 anti-alcohol articles.What're Wine Institute, Gallo or other other big guys doing about it?
  • New book on cheap wine: BOTTLE SENSE (Scribner fall 2011) by Geo Taber (Judgment of Paris). Is that $100 bottle 10X better than $10 one?
  • This wine and health story http://tinyurl.com/ykdfr3p is easy to swallow.
More Tweets Here


IN THIS ISSUE:

  • Renwood Winery Parent Companies File Chapter 11


Sponsored By:
 Hinman & Carmichael,Alcoholic Beverage Law

 Renwood Winery Parent Companies File Chapter 11

Recession-induced changes in bank behavior — with bailed-out institutions lending less and paying big exec bonuses — have tripped up a prominent player in Amador County’s Zinfandel movement according to Robert I. Sterling, founder and Chairman of Renwood Winery Inc. whose two parent companies have filed Chapter 11.

TROUBLES BEGAN WITH SURPRISE FINANCIER CHANGE

Smerling, a former financial adviser with Paine-Webber and Morgan Stanley/Dean Witter, told Wine Industry Insight that troubles began when one of his holding companies, Renwood Vineyard Properties, Ltd., (RVP) expanded the planted acreage in its 217-acre Twin Rivers Vineyard two years ago.

Smerling said that RVP developed 66 new acres, bringing the vineyard’s total planted area to 106 acres. The development was financed out of cash flow but trouble started when RVP went to roll those expenses into its existing loan facility.

“We found out by accident — by accident! — that we had a new banker,” Smerling said. “We started out with Travelers and had ten great years with them. But when Met Life bought them, no one would return our phone calls.

“I didn’t want to do this,” Smerling continued. “I never in my life ever thought I’d file a Chapter 11 proceeding . This is not an economic situation. We have the assets. Met is over-collateralized. Now maybe Met will negotiate with us.”

COMPLICATED PROCEEDING REQUIRES CAREFUL SCRUTINY

What is known is this:

  • According to court documents, the Renwood Group Inc. (RG) of Sacramento — which owns 100-percent of Renwood Vineyard Properties, Ltd. of Rancho Cordova, CA has filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of California.
  • Renwood Vineyard Properties has also filed for Chapter 11 in that same court.
  • Renwood Vineyard Properties (RVP) owns the real-estate occupied by Renwood Winery, Inc. as well as the winery’s personal property, wine-making equipment and other physical assets.
  • RVP’s assets are leased to a European investment company which is the second-largest stockholder in Renwood Group.
  • Renwood Winery itself has not filed Chapter 11 as of Oct. 20.
  • Both RVP and RG have made incomplete filings. However, they both claim substantially more assets than liabilities.

SMERLING & INVESTORS FOUNDED RENWOOD WINERY IN 1993

According to the Renwood Winery website, it was founded by Boston native Robert Smerling in 1993. Smerling, according to the site “brought together a group of professional investors who helped him found the winery.” Nearby Santino Winery was acquired in 1995 as part of an expansion. The Renwood Winery website states that it produces more than 100,000 cases of wine.

VIP Subscribers click here to read the complete, un-redacted article.

Also In This Article:

(The other half of this 1,285-word article is available to VIP Premium Subscribers).

  • RENWOOD GROUP CLAIMS ASSETS 5X TO 10X GREATER THAN LIABILITIES
  • GROUP’S UNSECURED CREDITORS: RENWOOD WINERY FILES LARGEST CLAIM
  • GROUP STOCK HELD INTERNATIONALLY, CONCENTRATED IN 3 HANDS
  • RENWOOD VINEYARD PROPERTIES ASSETS ALMOST 2X LIABILITIES
  • DEFAULT NOTICE FILED ON REAL ESTATE, OTHER COLLATERAL
  • RENWOOD VINEYARD PROPERTIES’ UNSECURED CREDITORS: WINERY AGAIN LARGEST CLAIM
  • WINERY’S CREATIVE, UNCONVENTIONAL OWNERSHIP & GOVERNANCE ISSUES
  • WINERY PROPERTY LEASED TO EUROPEAN FINANCIAL MANAGEMENT GROUP
  • RENWOOD WINERY FACING EXCISE TAX ISSUES
  • CREDITORS’ MEETINGS SCHEDULED FOR NOVEMBER

Not a VIP subscriber yet?

Subscribe now, and get the rest of this 1,238-word original article along with everything else on the site every day, including the Data Cellar for just $9.99 per month or $115.88 per year. Click here for more details.



Sponsored By:

MacSource: Exclusive Mac Blowout, starting at $899.99


NEWS FETCH

October 22, 2009
  • UK: Alcohol Deaths Climb As Consumption Falls
  • Right bank Bordeaux continues price slide
  • Peter Michael Winery Buys Napa's Showket Vineyard
  • Winegrowers demonstrate across France
  • E.&J. Gallo signs with 'Parliament' to enter the Russian Market
  • Wild wine woman of Walla Walla
  • Healthy Beverage Choices Fail To Include Wine
  • Beaujolais producers have high hopes for 2009 vintage
  • Pernod Ricard sales fall 6.3% on wine, champagne
  • Blurred vision to blame for booze ads
  • Hong Kong to auction Grange dual collection
  • Tasting the virtual wineries
  • Cleavage Creek winery, other groups banding together to bust breast cancer
  • BC and Ontario wines: The scandal that wasn't
  • 'Wind-down wine' could spell healthtrouble
  • MD: Wineries' could mean windfall for local farmers
  • More honesty in wine signage coming soon
  • Stories sell the wines
  • October 21, 2009
  • Valley grape growers fear pest from Napa
  • Lodi Farmers tallying severe storm damage
  • More Privileges for Calif Winery Tasting Rooms
  • Sonoma County freezes ag tax break
  • Foster's Faces Profit 'Challenges' as Currency Surges
  • St. Supery's Rodeno named 'woman of the year'
  • Century Council, Emergency Medicine Fdn To Study College Binge Drinking
  • White wine rots your teeth... and brushing makes it worse
  • Wine 'hits chances of IVF success'
  • Argentina's ambassador of wine: Nicolas Catena
  • OR: Spotted Wing Pest Found in Wine Grapes
  • NY: Sheldrake Point garners national award
  • UK: Constellation Upgrades bag-in-box wine
  • The turn of the screw
  • California Chardonnay sheds oak, wins fans
  • Wine: Second labels offer first-rate quality
  • October 20, 2009
  • Rodney Strong replaces KJ at Wells Fargo Center
  • Beware of WHO's View on Alcohol and Health
  • Drinking Your Way to Health? Perhaps Not
  • Warming weather welcome news in vineyards
  • Valley Growers Work To Save Harvest
  • Not so vine times for growers
  • Rain causes Sonoma grape damage
  • Aussies & Kiwis shooting blancs
  • Bumper harvest turns sour for Bulgaria's grape growers
  • High Use of Environmentally-Friendly Practices in Calif Vineyards
  • Box UK and Cork'd Partner on New iPhone App
  • U.S. consumers plan to spend less this holiday: NRF
  • Santa Barbara Planners to hear tasting room appeal
  • All Bottled Up
  • Viticulture briefs
  • Vegan vino? Sure, but it comes with a few catches
  • Scientists Isolate Genetic Difference Between European and American Vines
  • NZ: Markhams Hawkes Bay launches new wine industry forum
  • NZ Destiny Bay Becomes Waiheke's First Sustainable Winery & Vineyard
  • "Garagiste! Eleven Winery on Bainbridge Island"
  • French Laundry, Cyrus, Meadowood top new 2010 Michelin Guide
  • etoile at Domaine Chandon Receives Michelin Star
  • October 19, 2009
  • Nielsen: More Entertaining at Home for the Holidays
  • Interview: Tesco director for beer, wine, spirits
  • Hard frost hits Washington wine country
  • Some say more wineries needed for Temecula
  • Diamond Oaks' large vineyard portfolio part of $32 million reorganization bid
  • 2010 Unified Wine & Grape Symposium Set for Jan. 26 - 29
  • Charles Krug, the quiet Mondavi
  • Rain adds drama to tough economy
  • Why Wine Matters
  • NJ vineyards expect poor crop after summer's torrential rains
  • UK: Blossom Hill develops winter rosé category
  • Ganau America starts cork plant
  • Post-harvest irrigations are critical for grapevines
  • A van plan for farmworkers
  • French Wine industry outraged over Canal 2 programme
  • Carneros holds inaugural wine-tasting
  • Like feminism? Like wine? There's a club for that
  • Local vintners savor new 'Happy Canyon' designation
  • UK: Constellation unveils premium Box Wine offer
  • Francly, cabernet franc is usually a bitter letdown
  • UK: Cheers! Trade body serves corker of a campaign
  • October 16, 2009
  • Customs:End Import Duty Drawbacks
  • Upscale Kosher Wine & Food Showcase
  • Freak Weather Hampers Harvest
  • Book Says Violence, Crime Began Gallo Dynasty
  • USA Sees A Rising Demand For Spanish Wines
  • IBG Launches Online Wine Wholesale Platform
  • Falling Dollar Sours Aussie Wine exports to USA
  • Foster's chief issues call to arms for 'Brand Australia'
  • WineWave to import Marchesi di Barolo
  • As North Coast rain lingers, vineyard worries mount
  • Wine may cut risk of esophagus pre-cancer
  • Ontario Changes Regs & Tax To Boost Local Grapes in Wine
  • Before the downpour, a drama-free harvest
  • Boisset On Using the Triple Bottom Line in the Wine Industry
  • Aussie Chard fights back against Kiwis
  • Deadline looms for sale of Julia Child and Robert Mondavi's Copia
  • A vintage year for an online wine phenomenon
  • Global drinks deals back on the agenda
  • Oz: New wine industry officer
  • NY: Grape growers need more sun, no Jack Frost
  • FDA and USDA Not Kept in the Loop on Food Imports, Says GAO
  • Oz: Study reveals wine industry climate change threat
  • Kim Crawford Wines Unveils The Artists' Lounge, a Virtual Community Celebrating Emerging Artists
  • NZ: Marlborough boosts its carbon credits
  • Rodney Strong Vineyards Goes Carbon Neutral
  • Wine notes: Saxum Winery
  • AZ: In desert, family run wineries, vineyards prove to be their own charms
  • Valley wineries, others in hunt for Great Wine Capitals award
  • MI: Grape harvest 'could be worse

  • ================= CONTACT DATA ====================
    Lewis Perdue
    670 W. Napa St., Suite H, Sonoma, CA 95476
    Phone: 707-326-4503, fax: 707-940-4146
    Email: lewis.perdue@wineindustryinsight.com