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Hines Horticulture creditors committee looks to consolidate plan trusts
By Caroline Salls
Pittsburgh, March 11 - Hines Horticulture, Inc.'s official committee of unsecured creditors requested court approval to consolidate the post-consummation trust and profit sharing trust under the company's plan of reorganization into one trust, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.
The committee said the two trusts are not necessary because the beneficiaries are the same.
As a result, the committee said the merging of the two trusts' assets will increase administrative efficiency.
As previously reported, the company's plan was confirmed on Jan. 28. The committee said the proposed change is a non-material modification to the plan terms.
A hearing is scheduled for March 26.
Hines Horticulture, an Irvine, Calif.-based operator of commercial nurseries, filed for bankruptcy on Aug. 20, 2008. Its Chapter 11 case number is 08-11922.
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