The Sixth Wine CompanyBankrupt California-based ntage Wine Estates has received court approval to sell five wine brands. Including Bar Dog and Cherry Pie for billionaire Bill Foley’s wine company.
U.S. Bankruptcy Judge Mary Wollrath said Tuesday she would allow the sale of Foley Family Wines’ brands for $15 million. The buyer owns more than 25 wineries and distilleries in locations as diverse as New Zealand and Scotland, according to the company’s website.
Foley’s offer came in the form of a buy and sell offer, meaning it is subject to better offers if any are found in the coming weeks. If competitive bids are received, an auction will be held in September, according to court filings.
Last month, Vintage Wine Estates filed for Chapter 11 bankruptcy protection in Delaware. The wine company, one of the largest in the United States, works with brands such as Swanson, Cosentino and SCV.
Walrath also agreed to a $3.6 million sale to Playa Capital Partners LLC of certain legacy assets related to ACE Cider, A craft cider maker at a cider factory in Sevastopol, according to the Ice website.
“There will be many more offers in the coming weeks,” said Heather Lennox, a Jones Day partner representing Vintage at the hearing, referring to other initial offers. The company has found buyers for “virtually all of its major assets.”“He said to the judge.
The case is Meier’s Wine Cellars Acquisition LLC, No. 24-11575, In the US Bankruptcy Court in Delaware.
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