Sullivan Vineyards has continued to lose money as winery and vineyard sale looms

Sullivan Vineyards has continued to lose money as revenues and profits again fall below projections, according to the most recent operating reports filed with the U.S. Bankruptcy Court for the Northern District of Santa Rosa.

 

According to the reports, it it has lost $500,531 since filing its chapter 11 petition on Feb. 1, 2017.

 

The losses — as well as ownership — are expected to change next week. According to the court documents, the court is expected to approve the sale of both Sullivan Vineyards, Inc. and LLP to Vité USA, Inc., a corporation founded by a global tech entrepreneur.

A hearing to approve the “Motion to Sell Real and Personal Property Assets of Debtors Free and Clear of Liens and Encumbrances” is scheduled for 10:30 a.m., Dec. 11 in Santa Rosa

 

All claims to be fully paid — Trustee

According to the Nov.10, 2017 declaration of trustee Timothy W. Hoffman:

“I am informed and believe that the sale price, though confidential, will provide more than sufficient funds to pay all claims in full, even assuming a worst case scenario where the secured grid note of Stephen Finn, as well as the claims asserted by the Debtors’ five former employees, arc allowed in full, plus reasonable at attorneys’ fees if applicable.”

 

List of significant variances from projections

 

 

The remainder of this article, along with court filings is available to Wine Executive News Premium Subscribers.

Premium Subscribers Log-In Here:

• CCBill premium subscribers, please click this link.
• Stripe premium subscribers, please click this link

 

Court documents available for Wine Executive News premium subscribers

• Sullivan Vineyards Partnership operating report for month ending Oct. 31, 2017

• Sullivan Vineyards Corporation operating report for month ending Oct. 31, 2017

Previous Wine Industry Insight Coverage

• Bankruptcy Court to Formally Consider Sullivan Vineyards Sale on Dec. 11

• Global tech entrepreneur emerges as white knight to end bitter Sullivan Vineyards bankruptcy

• Sullivan Vineyards must be sold, cannot be reorganized says Bankruptcy Trustee. Family pushes back.

• Sullivan Bankruptcy Trustee Hits The Ground Running, But Secured Creditors Losing Patience

• Sullivan Vineyards Bankruptcy: Napa Valley’s Chapter 11 From Hell

Not a Wine Executive News subscriber?

Subscribe to Wine Executive News now, and get the rest of this original article along with everything else on the site every day, including original documents, spreadsheets,and source materials for just $29.99 per month or $209 per year

Edit This Post