Inertia says New Vine bankruptcy filing doesn’t involve operations
By Jeff Quackenbush, Business Journal Staff Reporter
NAPA — The new owner of New Vine of Napa today said a bankruptcy filing by New Vine Inc. won’t affect operations of the large wine-order fulfillment provider.
Napa-based Inertia Beverage Group, which acquired the assets of New Vine in a foreclosure auction July 14, was not involved in the Oct. 23 filing by New Vine Inc. for chapter 7 liquidation in bankruptcy court in Santa Rosa, according to Ted Jansen, chief executive officer.
“Our understanding is that the filing is a normal course of action any company winding down its existence would take,” he said in a statement.
The court petition by New Vine Inc. listed $7.03 million in debt and no assets. The company had $19.8 million in revenue last year and $6.27 million in the first half of this year, according to court documents.
Debts included a secured claim for $13,000 to the state Board of Equalization for environmental fees. The 36 unsecured claims include a $1.8 million loan from Brett Group Inc., $725,000 for FedEx and $684,000 for UPS.
Inertia Beverage has gained more than 40 fulfillment and e-commerce clients to its order-processing, fulfillment and logistics platform since the integration of New Vine assets this summer, according to Mr. Jansen.
A meeting of New Vine Inc. creditors is set for 2 p.m. Nov. 24 in Santa Rosa.
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IBG gained 40 new customers really. Did you ask how many it lost in trade of the 40 new? What is their EBITDA today? Can’t wait to attend the Nov 24th meeting in Santa Rosa. Oh by the way how is IBG/NVL discounting transport rates effective Sept 1 of this year when they stiffed Fed Ex and UPS combined for 1.4 Million. The carriers should walk away from that building how many times have they been stiffed on Mezzeta Court. Really now! Merry Christmas.
by David
Yeah right! Sounds like spin control to me. Make more room available at the internet wine graveyard for these guys.
Are any of these operations profitable? And who are the genuises in charge?
You have to be “in market” to be successful. End of story.
by Kedberg