Napa Home & Garden bankruptcy auction set for late July
Offers to purchase must be submitted by July 27; sale to Teters still on the table
Casual Living Staff -- Casual Living, 7/15/2011 4:21:46 PM
Officials from Napa Home & Garden have issued a press statement about their Chapter 11 bankruptcy filing and subsequent auction.
Following is the complete statement:
Napa Home & Garden filed a chapter 11 bankruptcy case in Atlanta on July 5, 2011. As part of the bankruptcy proceedings, Napa entered into an Asset Purchase Agreement (Asset Purchase Agreement) to sell its core home and garden business to Teters Floral Products, Inc. (Teters). Inventory and assets related to Napa Home & Garden's FireLite and NAPAFire gel fuel product lines are excluded from the sale. Teters has agreed to pay a purchase price of $1,100,000.00 (Purchase Price) for Napa's inventory (excluding the FireLite and NAPAFire gel fuel inventory), accounts receivable, equipment, intellectual property, goodwill and related assets (Acquired Assets), and to assume certain of Napa's obligations to make additional purchases of the acquired inventory during the course of the chapter 11 bankruptcy case (Assumed Obligations). The Purchase Price will be adjusted based upon Napa's inventory level at Closing of the purchase under the Asset Purchase Agreement. The $1.1 million Purchase Price is based upon Napa's estimated inventory at Closing of $1 million at Napa's cost. Except for the Assumed Obligations, Teters is requesting to purchase the Acquired Assets free and clear of any liens or other debts and obligations.
On July 14, 2011 the bankruptcy court in Napa's chapter 11 proceeding approved a bidding process under which other interested parties may make an offer to purchase the Acquired Assets. Interested parties must become qualified to bid, and all offers to purchase by interested parties must be submitted to the bankruptcy court, no later than 4 p.m. on Wednesday, July 27, 2011. Qualified bidders may participate in an auction of the Acquired Assets to be held at 10 a.m. on July 28, 2011. The Bankruptcy Court has scheduled a Hearing to rule upon Debtor's request to sell the Acquired Assets to the successful bidder at 10 a.m. on Friday, July 29, 2011.
Any party that wishes to obtain information regarding the Acquired Assets, financial data related to the Acquired Assets, the bidding process, or to request to review the Asset Purchase Agreement, should contact Leon S. Jones at Jones & Walden LLC, 21 Eighth Street NE, Atlanta, Georgia 30309, 404-564-9300.
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