International Garden Products, Inc. and Certain Subsidiaries File for Chapter 11 Protection
DAMASCUS, Ore.--(BUSINESS WIRE)--International Garden Products, Inc. (“IGP” or “the Company”) today announced that the company and four of its affiliates, including Weeks Wholesale Rose Grower and Iseli Nursery, Inc., have filed voluntary petitions in U.S. Bankruptcy Court for the District of Delaware for protection under Chapter 11 of the U.S. Bankruptcy Code.
In the filing, IGP stated that, in the last several months, the companies’ finances have been negatively affected by a number of issues unrelated to their own operations, including being adversely impacted by the financial difficulties at Jackson & Perkins, which resulted in J&P failing to assure payment on its $1.7 million order for the 2010 season; three contingent liability issues, totaling approximately $27.2 million, and current market conditions.
The Company noted that it has worked diligently over an extended period of time to resolve the legacy contingent liability issues but that it has not been able to reach agreements with the parties. As a result, to protect the interests of its stakeholders – and to bring these issues to a conclusion in an orderly manner – the company decided to file for court-supervised protection under Chapter 11.
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