Napa Home & Garden Files Chapter 11
Napa Home & Garden to sell its core home and garden business to Teters Floral Products.
Back on July 5 in Atlanta, Napa Home & Garden filed a chapter 11 bankruptcy case. As part of the bankruptcy proceedings, Napa entered into an Asset Purchase Agreement (Asset Purchase Agreement) to sell its core home and garden business to Teters Floral Products. Inventory and assets related to Napa Home & Garden’s FireLite and NAPAFire gel fuel product lines are excluded from the sale.
Teters has agreed to pay a purchase price of $1.1 million for Napa’s inventory (excluding the FireLite and NAPAFire gel fuel inventory), accounts receivable, equipment, intellectual property, goodwill and related assets, and to assume certain of Napa’s obligations to make additional purchases of the acquired inventory during the course of the chapter 11 bankruptcy case.
On July 14, the bankruptcy court in Napa’s chapter 11 proceeding approved a bidding process under which other interested parties may make an offer to purchase the Acquired Assets. Any interested party that wishes to obtain information regarding the Acquired Assets, financial data related to the Acquired Assets, the bidding process, or to request to review the Asset Purchase Agreement, should contact Leon S. Jones at Jones & Walden LLC, 21 Eighth Street NE, Atlanta, Georgia 30309, 404.564.9300.