Irvine’s Hines Nurseries LLC Files Chapter 11 Bankruptcy
October 19, 2010 | 1 min to read
Hines Nurseries LLC in Irvine announced today that it filed for Chapter 11 bankruptcy protection after getting hit by a drop in consumer demand for plants and shrubs combined with increases in production and distribution costs.
The company said it has secured $5 million in debtor-in-possession financing and expected to eventually get up to $20 million so that it will be able to continue the ordinary course of operations.
Hines' Delaware bankruptcy filing was expected. The company advised Oregon and Texas state employment officials last week that it might have to initiate major layoffs as early as last Monday, Oct. 11, if it was unable to extend a line of credit.
To read the rest of this story please go to: The Orange County Register