US: Legacy Estate seeks court OK for sale - report
Californian wine producer Legacy Estate Group is reportedly seeking bankruptcy court approval to sell its assets for US$90m.
Legacy Estate and owner Connaught Capital Partners each filed for Chapter 11 bankruptcy protection last November. Legacy had defaulted on loans associated with its acquisition of the Arrowood and Byron wineries from Constellation Brands last year.
Investment vehicle FAB Acquisition Co. is acting as the lead bidder for the unnamed assets that Legacy wants to sell, Dow Jones said yesterday (19 July)
Judge Alan Jaroslovsky of the US Bankruptcy Court in Santa Rosa, California, has scheduled a hearing for tomorrow to consider approval of the auction procedures, the news service added.
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