Privately-held BFN Operations (f/k/a Zelenka Farms) and four affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of Texas, lead case number 16-32435. The Company, which is a wholesale grower and distributor of container-grown shrubs, trees, perennials, roses and groundcovers, is represented by Holland O’Neil of Gardere Wynne Sewel.
According to documents filed with the Court, “The Debtors’ bankruptcy filing was precipitated by a combination of a prescheduled reduction in the borrowing base under the Revolver on June 3, 2016, and an unusually rainy April and May 2016….[T]he early months of 2016 were uncharacteristically rainy across the United States. The wetter-than-expected conditions resulted in a significant delay in the Debtors’ projected sales, and insufficient cash to pay down the Revolver prior to June 3, 2016. The Debtors commenced these Chapter 11 Cases to maintain operations and preserve customer relationships while the Debtors and their professionals work toward a strategic restructuring transaction.”
BFN Operations’ Chapter 11 petition indicates total assets of $100 to 500 million. Read more bankrupt company news.
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