Nursery firm petitions for bankruptcy
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Hines Horticulture Inc., an operator of commercial nurseries, sought bankruptcy protection from creditors to sell its assets.
The company, based in Irvine, listed debt of as much as $500 million and assets of less than $50,000 in Chapter 11 documents filed in U.S. Bankruptcy Court in Wilmington, Del.
Hines said it would seek court approval to enter into a so-called stalking-horse purchase agreement with a unit of Black Diamond Capital Management, which would act as the lead bidder for its assets.
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