SANTA ROSA, NAPA – Attorneys and creditors aired final concerns and objections to Copia’s liquidation plan during an all-day confirmation hearing Tuesday.
Court officials expect final approval of the arrangement on or before Nov. 6, triggering payments to former employees and creditors and auction of the property and assets.
The American Center for Food, Wine and Arts was the creation of the late famed vintner Robert Mondavi, but after accumulating more than $78 million in debt, the organization folded last year. The group commenced bankruptcy proceedings in November 2008.
“They had the whole day to talk and work out final objections and the intention is to confirm the plan before the Nov. 6 holding date,” said Tara Arruda, a courtroom deputy for the U.S. Bankruptcy Court, Northern District of California, where the case was heard.
The parties began meetings Monday about 10 a.m., but did not enter court chambers until about noon. The hearing concluded at about 3:15 p.m. with Judge Alan Jaroslovsky confirming intentions to approve Copia’s proposed liquidation by next week.
The group’s chief creditor ACA Financial Guaranty is accepting bids for the property through Nov. 12, though officials handling the sale said they could choose not to pick any of the proposals. Preliminary comments suggest the 17-acre site will be parceled and sold in pieces for building from the ground up, but a sole owner is not completely off the table.