Hines Horticulture withdraws motion to pay $225,000 sale-related work fee

By Caroline Salls

Pittsburgh, Aug. 27 - Hines Horticulture, Inc. has withdrawn its motion to pay a $225,000 work fee to Black Diamond Capital Management, LLC that was intended to defray the costs of a due diligence review related to the proposed sale of substantially all of Hines' assets, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Hines Horticulture entered into an asset purchase agreement with a Black Diamond affiliate under which the affiliate agreed to serve as a stalking horse bidder for the sale of substantially all the company's assets, subject to completion of due diligence and financing.

Hines Horticulture, an Irvine, Calif.-based operator of commercial nurseries, filed for bankruptcy on Aug. 20. Its Chapter 11 case number is 08-11922.

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