|WINE EXECUTIVE NEWS -In case you missed today's News Fetch:|Trustee Takes Swift Action in Sullivan Ch11| September 22, 2017
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From editor & publisher, Lewis Perdue
September 22, 2017
In case you missed this in today's News Fetch email
Sullivan Bankruptcy Trustee Hits The Ground Running, But Secured Creditors Losing Patience
JUST FILED: Late Sept 21: Trustee Operating Reports for Sullivan Vineyards Corporation & Partnership. Full documents for premium subscribers available in links at bottom of this article.
The newly appointed Sullivan Vineyards bankruptcy Trustee, Timothy Hoffman, has charged full speed into sorting out the winery's Chapter 11 process and says he has gotten the support of the secured creditors who are, nevertheless expressing their impatience.
According to a Stipulation To Allow Use Of Cash Collateral, filed in the U.S. Bankruptcy Court for the Northern District of California, Judge Roger L. Efremsky has approved an attorney and accountant to help sort through the case's conflicting statements and accounts.
The stipulation -- signed by Sullivan Vineyards and the secured creditors -- Stephen A. Finn and Winery Rehabilitation LLC -- allows the Trustee to use secured collateral to finance a long list of actions including:
Winery Rehabilitation LLC is the senior secured lender and is controlled by Finn who holds a secondary secured lien. More details about this can be found in our previous coverage: Sullivan Vineyards Bankruptcy.
- Payment to the vineyard management company to continue 2017 harvest
- Hiring a winemaker with a possible work completion and retention bonus for the crush
- Possibly hiring a senior consulting winemaker
- Investigating the renting out of the Sullivan Vineyard's 5,000-square-foot mansion
- Funding a budget for a limited time.
The remainder of this 1,078 word article along with court filings is available to Wine Executive News Premium Subscribers.
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Also in this article:
Accounting & Law Firms Retained
Winemaker, Vineyard Manager In Place for Harvest; Other Trustee Actions
Secured Creditors Growing Impatient
No possibility of a successful reorganization plan?
Operating Reports From Trustee
Full Court Filings (Premium subscriber access)
- Stipulation To Allow Use Of Cash Collateral - Trustee Filing
- Secured Creditors Status Conference Statement
- Partnership-Monthly Operating Report Month Ended 083117
- Trustee filing: Sullivan Vineyards Corporation-Monthly Operating Report Month Ended 083117
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