Hines Horticulture granted exclusivity extension due to stalking horse agreement delay

By Jennifer Lanning Drey

Portland, Ore., Dec. 15 - Hines Horticulture, Inc. was granted an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The exclusive plan-filing period was extended to March 18 and the solicitation period to May 18, 2009.

When requesting the extension, the company said it was necessary due to delays in executing a proposed stalking horse agreement with Black Diamond Capital Management LLC, which contained a financing contingency.

According to the filing, Black Diamond successfully obtained financing on Nov. 21.

Hines Horticulture is an Irvine, Calif.-based operator of commercial nurseries. Its Chapter 11 case number is 08-11922.

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