August 15, 2018 – Color Spot Nurseries filed with the Court (i) an Amended and Restated Asset Purchase Agreement, dated August 3, 2018 [executed on August 14, 2018], by and between Wells Fargo Bank (“Buyer”) and each of Color Spot Holdings, Color Spot Nurseries, Hines Growers, and Lone Star Growers (collectively, “the Sellers”) and (ii) a Plan Support Agreement, dated as of August 3, 2018, by and between the Buyer and the Sellers [Docket No. 312]. The notice states, “At a hearing on August 1, 2018, the Debtors advised the Court that they had agreed to certain amendments to the Original Purchase Agreement, including to extend the Outside Date [This extended until August 17, 2018] and, additionally, that Wells Fargo had agreed to support a chapter 11 plan process. On August 14, 2018, the Debtors executed (i) an amendment and restatement of the Original Purchase Agreement (as amended and restated, the ‘A/R Purchase Agreement’) and (ii) a Plan Support Agreement (the ‘PSA’) among the Debtors and Wells Fargo….On and after the Closing Date, for the benefit of Sellers, Buyer shall collect cash converted from Sellers’ Accounts Receivable (net of trade credits, rebates and refunds) in the aggregate amount equal to the $9,000,000 less the Retained Cash (the ‘Retained Accounts Receivable’)…. At the Closing, Buyer shall (i) pay to Sellers cash in an amount not to exceed $22,000,000 sufficient to satisfy Sellers’ obligations to Capital Farm Credit, FLCA (the ‘Farm Credit Payment’), and (ii) credit bid in the amount of $52,000,000 of Sellers’ secured obligations to Buyer.”
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