Bacchus Blindsided By Rabobank “Douche-Bag Maneuver”

From the moment that Willamette Valley grower Olsen Agricultural Enterprises (“Olsen Ag”) filed for Chapter 11 bankruptcy protection, Rabobank, its main secured lender, pressed for a quick liquidation of the company — something which would have immediately destroyed the business and left all its other creditors out in the cold. Bacchus Capital stepped in with a solution that helped sustain Olsen Ag only to find itself blind-sided by what one major creditor told Wine Industry Insight was Rabobank’s “total douche-bag maneuver.”

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Also In This Article:

The full text of the following sections is available to subscribers of Wine Executive News.

• DETAILS OF BACCHUS DEBTOR-IN-POSSESSION FINANCING

• RABOBANK OBJECTS TO BACCHUS DIP FINANCING

• MID-JUNE, RABO CONTINUES TO PURSUE LIQUIDATION

• INTERIM ORDER NEGOTIATED

• COURT ISSUES INTERIM APPROVAL OF BACCHUS OFFER

• WITH BACCHUS OFFER FINALIZED, RABO FLIP-FLOP

• BACCHUS PURSUING BREAK-UP FEE

• COURT DOCUMENTS AVAILABLE TO WINE EXECUTIVE NEWS PREMIUM SUBSCRIBERS

1. Bacchus application for Break-up Fee
2. Balistreri Declaration In Support Of Break-Up (includes term sheet)
3. Kennedy Declaration In Support Of Break-Up Fee (240 pages – Includes hearing transcript on debtor in possession financing)

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