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.
