US: Historic Santa Barbara Winery Files for Chapter 11 Bankruptcy Help
US: Historic Santa Barbara Winery Files for Chapter 11 Bankruptcy Help
Aug 15, 2012 6
(TotalBankruptcy) - The Alma Rose Winery, a winery in Santa Barbara, California, owned by a major player in the California wine industry, is filing for bankruptcy protection, according to a report from The Santa Barbara Independent.
Sources indicate that Richard Sanford, the owner of the winery and a pioneer of the Pinot Noir style, is taking his prize winery into bankruptcy court in order to restructure its mounting debts.
Sanford reportedly filed for bankruptcy in order to prevent Silicon Valley Bank, the company’s largest creditor, from foreclosing on both Sanford’s home ranch and the winery’s entire inventory.
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