New Vine foreclosure auction delayed two weeks

Monday, July 13, 2009, 8:33 pm

By Jeff Quackenbush, Business Journal Staff Reporter

NAPA – Inertia Beverage Group, a Napa-based wine order direct-to-consumer and direct-to-trade conduit, Monday evening announced it has rescheduled the bulk foreclosure sale of assets of wine-order-fulfillment provider New Vine Inc., originally scheduled to start Tuesday morning, to July 27 to allow registered and potential bidders more time to evaluate the items.

One of the criticisms raised by competitors of New Vine who were considering bidding in the foreclosure sale, originally set to take place tomorrow at 10 a.m. in San Francisco, was that there was not enough time to evaluate.

“As New Vine’s lead creditor, we believe that extending the auction date is in the best interest of all parties involved and will strengthen the potential to maximize the value of the New Vine assets,” said Ted Jansen, president and chief executive officer of Inertia Beverage. “We are particularly encouraged by the fact that several potential new bidders have expressed interest in the entirety of New Vine’s assets, which would secure New Vine’s continued position as a leading company in the direct sales channel.”

The foreclosure auction, under the same terms and including the same assets, is set for 10 a.m. Monday, July 27. [See the July 10 story, "New Vine assets set for Tuesday sale" for details.]