Court Appointed Receiver Keeps Renwood Winery Open After 100% Layoffs

The receiver for Renwood Winery, appointed by Judge Robert S. Bardwil of the U.S. Bankruptcy Court for the Eastern District of California, has reversed the layoffs that terminated all winery employees on Oct. 22.

“It’s business as usual at Renwood Winery,” said Winston Mar, an expert in struggling and distressed companies. “The company is fully intact with the winemaker, operations and sales staff continuing to service our customers.”

RWI is the only one of the three Renwood companies not already in bankruptcy. Renwood Group and Renwood Vineyard Properties filed for Chapter 11 protection in the fall of 2009. Renwood Group owns 95 percent of the Winery and 100 percent of Vineyard Properties. At the time of the bankruptcy filings, Robert Smerling was a director and officer of all three.

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Also In This 1,200-Word Article:

• “WIPE OUT EMAIL & LEAVE”

• WINERY IN DEFAULT ON $15+ MILLION RABOBANK LOAN

• TRUSTEE, RABOBANK ALLEGE CONFLICTS OF INTEREST, ACCOUNTING IRREGULARITIES

• SMERLING TAKES PARTING SHOTS AT RABOBANK & HIS ATTORNEY

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EXTENSIVE DATACELLAR DOCUMENTS AVAILABLE FOR VIP SUBSCRIBERS

The following documents, filed by Rabobank as exhibits in support of the appointment of a receiver, can be obtained here by Wine Industry Insight VIP Premium Subscribers.

1. Amended and Restated Revolving Credit and Term Loan Agreement, dated as of October 13, 2006, — Page(s) 3-53
2. Rabobank International Amended and Restated Security Agreement, dated as of October 13, 2006 — Page(s) 54-58
3. First Amendment to the Amended and Restated Revolving Credit Agreement, dated as of September 12,2007 — Page(s) 59-66
4. Amended and Restated Revolving Note, dated September 12,2007 — Page(s) 67
5. Amended and Restated Term Note, dated September 12,2007– Page(s) 68
6. Second Amendment to the Amended and Restated Revolving Credit Agreement, dated as of September 30, 2008 — Page(s) 69-77
7. Revolving Loan 2 Note, dated September 30,2008 — Page(s) 78
8. Limited Forbearance Agreement, dated as of October 7,2009 — Page(s) 79-86
9. Amended and Restated Limited Forbearance Agreement, dated as of December 30,2009 — Page(s) 87-100
10. DCC Financing Statement, Filed January 15,2004 (and related filings) — Page(s) 101-108
11. Power of Attorney, dated March 31, 2004 (etc.) — Page(s) 109-150
12. Email from Robert 1. Smerling, dated October 20, 2010 — Page(s) 151
13. Email from Robert 1. Smerling, dated October 24,2010 — Page(s) 152-153
14. Fax from John McMahon to Robert Smerling, dated October 12,2010 — Page(s) 154-159

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