An Aug. 23 auction should determine the fate of Geo. W. Park Seed Co., Park Seed Wholesale Co. and Jackson & Perkins Co. The companies filed for reorganization under Chapter 11 bankruptcy on April 2, 2010. The lead debtor, George W. Park Seed Co., listed assets of $8.33 million and liabilities of $44.79 million, reports Bloomberg Businessweek. The main unsecured creditors included Ball Horticultural Co., FedEx Corp. A-C Logistics, DHL Worldwide Express and AT Clayton & Co.
A South Carolina bankruptcy court allowed the consolidation of the companies in the Chapter 11 filing on July 22. L. Stan Neely has been appointed as the case trustee.
The court granted an order approving the bidding procedures to the company on July 27. The stalking horse bidder is J&P Park Acquisitions Inc. with a purchase price of $7.09 million. Bids must be received by Aug. 18.
Pictured: An Aug. 23 auction is scheduled for the assets of Park Seed Co. and Jackson & Perkins.
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