Hines Horticulture files plan of reorganization; sale proceeds to be distributed

By Caroline Salls

Pittsburgh, Sept. 2 - Hines Horticulture Inc. filed its plan of reorganization and related disclosure statement Friday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the company plans to sell substantially all of its assets.

After the sale, Hines said any remaining assets will be liquidated, and the proceeds will be distributed to creditors.

Treatment of creditors will include:

• Holders of priority claims will recover 100% in cash;

• Holders of other secured claims will receive 100% either in cash or through the return of the collateral securing the claim;

• Holders of 10¼% senior note claims and general unsecured claims will receive a share of post-effective date trust assets; and

• Holders of section 510(b) claims, equity interests in Hines Horticulture and intercompany interests will receive no distribution under the plan.

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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