Demetria Estate Winery/DAZ Vineyards Files Chapt 11

DAZ Vineyards, LLC of Los Olivos, dba Demetria Estate Winery, has filed for Chapter 11 protection in U.S. Bankruptcy Court for the Central District of California.

The Santa Barbara County winery is owned 90 percent by Centrium & Associates and 10 percent by DAZ Holdings LLC. Both LLCs are controlled by Santa Monica real-estate developer John Zahoudanis and his family.

A status hearing has been scheduled for 2 p.m., Mar. 14 at the bankruptcy court in Santa Barbara.

BANKRUPTCY FILING SHOWS 20+ MILLION POSITIVE NET WORTH

According to  initial bankruptcy filings, DAZ Vineyards listed assets of $32,071,232 and liabilities of $11,418,337 leaving a positive net worth of $20,652,895.

(All amounts in this article are rounded to the nearest dollar.)

The filing valued real estate at $12.2 million and personal property at $19,871,232 (including   bulk wine and case goods, intellectual property, office and farming equipment).

Creditors holding secured claims totaled $11,185,299, mostly for real estate, county taxes, major equipment and wine.

Unsecured priority claims were $40,681 for state taxes. Unsecured, non-priority claims  including grape growers and other trade debts amounted to $192, 356.

VIP Premium Subscribers can access the following complete court documents:

• DAZ Vineyards LLC – Initial Chapter 11 Petition
• DAZ Vineyards LLC  – Initial Chapter 11 Petition, volume 2
• DAZ Vineyards LLC  – Initial Chapter 11 Petition – Revised Schedules D and F

VIP Subscribers click here to read the complete article.

Also In This Article:

• LARGEST UNSECURED CREDITORS

• UNSECURED PRIORITY CLAIMS

• UNSECURED NON-PRIORITY CLAIMS

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