Hines Nurseries looks to increase DIP loan borrowing, extend maturity

By Caroline Salls

Pittsburgh, Feb. 25 - Hines Nurseries LLC requested court approval to extend the maturity of its debtor-in-possession financing to April 14 from Feb. 28 and increase the maximum borrowing amount to $31 million from $21.5 million, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company said a hearing on approval of its asset sale is scheduled for Feb. 28, and the sale might not close until as late as April 14.

In the meantime, Hines said it will require access to the DIP facility, including an increase in the maximum borrowing, to maintain the going-concern value of the assets to be sold, as well as to administer the its bankruptcy case.

A hearing is scheduled for Feb. 28.

Hines Nurseries, an Irvine, Calif., commercial nursery operation, filed for bankruptcy on Oct. 12. The case was filed under the name Consolidated Horticulture Group LLC. The Chapter 11 case number is 10-13308.

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