The Legacy Estate Group LLC selects a Stalking Horse Bidder in its Restructuring
For Immediate Release
The Legacy Estate Group LLC selects a Stalking Horse Bidder in its Restructuring.
Napa Valley, July 21, 2006 - The Legacy Estate Group LLC, a debtor in possession under a Chapter 11 bankruptcy proceeding, is pleased to announce that it has selected a stalking horse bid and agreed to a proposed asset purchase agreement under that bid as part of its restructuring efforts. FAB Acquisition Company LLC, controlled by Bill Price and the Huneeus family, will be the stalking horse bidder for the section 363 sale in the restructuring of the Legacy business. FAB becomes the initial bidder for the sale as a result of their selection.
Chanin Capital Partners is the investment banking group leading the restructuring efforts for Legacy and has been working with numerous other parties as potential bidders at the sale. The sale hearing is scheduled for August 16, 2006 before the United States Bankruptcy Court in Santa Rosa, CA and additional bidders must qualify by August 9th. The final restructuring agreement and bidder will be selected at that hearing.
Legacy and FAB have been working diligently for several weeks to complete the agreement and this phase of the restructuring efforts. Legacy has scheduled a hearing before the Court on August 3, 2006 on its request to establish procedures governing bidding and other sale related matters.
“The management team and employees of Legacy are committed to bring the restructuring process to a rapid conclusion, which this stalking horse bid helps establish”, said David Henriksen, CFO of Legacy. “Arrowood, Byron and Freemark Abbey continue to produce some of the finest wines in the world, and we look forward to focusing all of our efforts on building our business and enhancing our position in the industry.”
The Legacy Estate Group LLC owns and operates three highly-acclaimed California wineries and vineyards: Freemark Abbey in Napa Valley; Arrowood and Grand Archer in Sonoma County; and Byron/IO in Santa Barbara County California. Bill Price is a founding partner of the Texas Pacific Group, a leading private equity firm, and also owns the Durell vineyard in Carneros and Three Sticks Winery in Sonoma. The Huneeus family owns Huneeus Vintners, a privately held wine company in Napa California, which owns the Quintessa Estates and other vineyard and winery properties in California and Chile.
- Contact Information
- David Henriksen
- The Legacy Estate Group LLC
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