Hines Horticulture creditors committee gets court OK to consolidate plan trusts

By Jennifer Lanning Drey

Portland, Ore., March 26 - Hines Horticulture, Inc.'s official committee of unsecured creditors obtained 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 Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

When requesting the approval, the committee said the two trusts were not necessary because the beneficiaries are the same.

As a result, the committee said the merging of the two trusts' assets would increase administrative efficiency.

As previously reported, the company's plan was confirmed on Jan. 28. The committee's change is a non-material modification to the plan terms.

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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