Hines Horticulture lender agent objects to plan being filed in early stages of sale

By Caroline Salls

Pittsburgh, Sept. 25 - Hines Horticulture, Inc. lender agent Bank of America, NA objected to approval of the disclosure statement for the company's proposed plan of reorganization, arguing that the plan and disclosure statement are premature because they are based on a sale process that is still in its early stages, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

Bank of America said it supports the company's efforts to sell substantially all of its assets, and the lender agent believes Hines' professionals should be focused on the sale process at this time.

Once the sale is completed, Bank of America said it does not expect to have any objections to the plan.

"However, at this early stage, it is difficult to see whether the plan is at all feasible, let alone to evaluate all of the various terms and conditions of the plan," the lender agent said in the objection.

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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