US: Alma Rosa Cash Flow Threatened by Bottled-up Wine
US: Alma Rosa Cash Flow Threatened by Bottled-up Wine
Oct 3, 2012 6
(WSJ) - For California’s Alma Rosa Winery, the old saying about lemons should be tweaked to: “When life hands you bankruptcy, sell wine.”
And that’s the plan for hall-of-fame vintner (literally) Richard Sanford’s winery. In Chapter 11 since July, Alma Rosa would like to be allowed continued access to the cash it generates from wine sales to stay in business as it restructures.
But that access may have hit a bottleneck. A creditor in the case, Terravant Wine Co., objected to Alma Rosa’s request Tuesday, saying that it’s owed $251,000 and isn’t assured payment if Alma Rosa uses the cash.
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