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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.
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