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Color Spot Nurseries – APA Approved, Sale to Wells Fargo Authorized

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July 25,2018 – The U.S. Bankruptcy Court in the Color Spot Nurseries case has (i) approved the asset purchase agreement (“APA”) between the Debtors and Wells Fargo Bank N.A. (the “Buyer”) and (ii) authorized the sale contemplated by the APA [Docket No. 243], pursuant to which Wells Fargo has agreed to purchase substantially all of the assets of the Debtors’ for a purchase price comprised of (i) up to $22 million in cash to satisfy the encumbrances of Capital Credit FLCA (“CFC”) on the Debtors’ owned real estate (ii) a credit bid of $52 million, (iii) the value of cash and cash equivalents at closing and (iv) the Buyer’s agreement to pay $5 million for certain accounts receivable collections. Auctions were conducted on July 19-20, 2018 and the sale hearings happened on July 20 and 25, 2018.

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The post Color Spot Nurseries – APA Approved, Sale to Wells Fargo Authorized appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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